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CZK: CEE Pair Extends Pullback From Cyclical Highs

PLN

PLN/CZK crossed below its 50-DMA and remains under pressure, moving further away from recent cyclical highs printed at 5.9686, in a move which has allowed the pair to unwind overbought conditions. The next key layer of support is provided by Mar 18 low of 5.8227, with the 23.6% retracement of the Feb '23 - Apr '24 upswing coming up next at 5.7285. On the topside, bulls look for a rebound above recent cyclical highs, which would suggest that the broader uptrend remains intact. The rate last sits at 5.8405, down 359 pips on the session.

  • The move coincided with an upswing in the BBDXY Index. There has been little in the way of significant domestic developments in either Poland or Czechia over the past few days, but the two currencies may have different sensitivities to external developments.
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