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Oversold HUF Set Place For Bull Consolidation

  • HUF has experienced bullish retracement in the past two days after indicators were showing that the pair was 'oversold' following its sharp depreciation in recent weeks.
  • We saw that the selling pressure on HUF remained elevated following last week's decision, with the forint recently trading at multi-month lows against major crosses (i.e. EUR, USD, GBP).
  • EURHUF has been consolidating lower in the past few days, breaking below the 365 level yesterday; next support to watch on the downside stands at 361.60, followed by 360. On the topside, first resistance stands now at 365, followed by 367.
  • USDHUF ticks higher this morning after finding support at 312.60 yesterday; resistance to watch on the topside stands at 315, followed by 318.75. On the downside, first support stands at 311.80, followed by 310.
  • Hungary 10y yield retraced lower yesterday by 5bps to 3.85%; key resistance to watch on the topside stands at 4%. On the downside, first support to watch stands at 3.78%.

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