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SILVER TECHS

Bullish Focus

MARKET INSIGHT

What to watch

SPAIN DATA

Spanish Factory Gate Inflation Soars to 35.9%

GILTS

Opening calls

USD

USDNOK is up 0.49% in early trade

RUSSIA

USD/ZAR Retests its 100dma, FOMC & SARB In Focus

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  • CZKJPY has been constantly reaching lower highs in recent days, currently trading slightly above the 5 level.
  • A break below that level would open the door for a move down to 4.9570, which corresponds to the 38.2% Fibo retracement of the 4.4360 – 5.2790 range.
  • Key resistance on the topside now stands at 5.10, which corresponds to the 200DMA (acted as a strong support line in latest bull cycle before breaking below in November).
  • CZK still remains vulnerable against JPY in the near term amid rising uncertainty; a sudden spike in volatility due to downward revisions in growth expectations is likely to favor ‘safe-haven’ yen over CEE currencies.

Source: Bloomberg/MNI