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HUF: Forint Corrects Lower From Multi-Month Highs

HUF
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  • Ongoing pressure for major equity indices have led the recovery in EURHUF from Tuesday’s lows, with the forint underperforming compared to its CE3 peers as we approach the NY crossover. The cross traded below 383.00 yesterday but has since recovered to as high as 386.32. USDHUF has also made an impressive recovery despite narrow ranges for the broader USD index - the pair stands over 1% higher compared to yesterday’s multi-month lows.
  • Despite today’s HUF weakness, EURHUF technical conditions remain bearish, supported by the recent shift of moving average studies into bear mode position. As such, attention is still on support at 382.34, the Feb 1 low, ahead of the 380.00 handle. Initial firm resistance remains some way off at 388.96, the 50-day EMA.
  • The 50-DMA proved to be firm support for PLNHUF again yesterday. While the average was briefly pierced, the cross has still not closed below it since November 2023.
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  • Ongoing pressure for major equity indices have led the recovery in EURHUF from Tuesday’s lows, with the forint underperforming compared to its CE3 peers as we approach the NY crossover. The cross traded below 383.00 yesterday but has since recovered to as high as 386.32. USDHUF has also made an impressive recovery despite narrow ranges for the broader USD index - the pair stands over 1% higher compared to yesterday’s multi-month lows.
  • Despite today’s HUF weakness, EURHUF technical conditions remain bearish, supported by the recent shift of moving average studies into bear mode position. As such, attention is still on support at 382.34, the Feb 1 low, ahead of the 380.00 handle. Initial firm resistance remains some way off at 388.96, the 50-day EMA.
  • The 50-DMA proved to be firm support for PLNHUF again yesterday. While the average was briefly pierced, the cross has still not closed below it since November 2023.