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CZKPLN Rebounds Sharply Following CNB Comments on FX Intervention

CEE FX
BulletEM BulletEmerging Markets
  • CNB commented earlier today that it has been intervening in the FX market to support the koruna following the sharp CZK depreciation yesterday after Ales Michl was nominated as new Governor.
  • CZK strengthened sharply against major crosses following the headline, with CZKPLN rebounding sharply higher after finding support below the 200DMA (0.1845).
  • The pair is trading back within its LT upward trending channel, currently testing the 0.1873, which corresponds to the 23.6% Fibo retracement of the 0.1634 – 0.1947 range.
  • Next resistance to watch on the topside stands at 0.1880 (100DMA).
  • On the downside, main support remains at 0.1845.

Source: Bloomberg

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  • CNB commented earlier today that it has been intervening in the FX market to support the koruna following the sharp CZK depreciation yesterday after Ales Michl was nominated as new Governor.
  • CZK strengthened sharply against major crosses following the headline, with CZKPLN rebounding sharply higher after finding support below the 200DMA (0.1845).
  • The pair is trading back within its LT upward trending channel, currently testing the 0.1873, which corresponds to the 23.6% Fibo retracement of the 0.1634 – 0.1947 range.
  • Next resistance to watch on the topside stands at 0.1880 (100DMA).
  • On the downside, main support remains at 0.1845.

Source: Bloomberg