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CZKPLN ‘Bear’ Consolidation Resumes

CEE FX
BulletEM BulletEmerging Markets
  • CZKPLN has been consolidating lower in the past two weeks after finding resistance at its 50DMA.
  • The pair fell below its 0.1873 support his week, which corresponds to the 23.6% Fibo retracement of the 0.1634 – 0.1947 range.
  • Support for the PLN could continue in the near term following Michl comments, who reiterated yesterday that he will propose Czech rates stability for some time after taking over in July.
  • Next level to watch on the downside stands at 0.1850, which corresponds to the low of its LT upward trending channel and the 200DMA.

Source: Bloomberg

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  • CZKPLN has been consolidating lower in the past two weeks after finding resistance at its 50DMA.
  • The pair fell below its 0.1873 support his week, which corresponds to the 23.6% Fibo retracement of the 0.1634 – 0.1947 range.
  • Support for the PLN could continue in the near term following Michl comments, who reiterated yesterday that he will propose Czech rates stability for some time after taking over in July.
  • Next level to watch on the downside stands at 0.1850, which corresponds to the low of its LT upward trending channel and the 200DMA.

Source: Bloomberg