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Selling Pressure On CZK Soars As Market Senses Dovish Stance

CZECHIA
  • Selling pressure on CZK soared yesterday after President Zeman named Ales Michl as new CNB governor.
  • Michl will take over from current governor Rusnok when his term ends at the end of June.
  • Michl mentioned earlier that he expects to propose Czech rate stability for ‘some time’.
  • EURCZK broke above its 200DMA at 25.0330 yesterday and has been testing its 25.4770 resistance, which corresponds to the 38.2% Fibo retracement of the 24.0940 – 27.7150 range.
    • A break above that level would open the door for a move up to 25.9050 (50% retracement).

Source: Bloomberg/MNI

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  • Selling pressure on CZK soared yesterday after President Zeman named Ales Michl as new CNB governor.
  • Michl will take over from current governor Rusnok when his term ends at the end of June.
  • Michl mentioned earlier that he expects to propose Czech rate stability for ‘some time’.
  • EURCZK broke above its 200DMA at 25.0330 yesterday and has been testing its 25.4770 resistance, which corresponds to the 38.2% Fibo retracement of the 24.0940 – 27.7150 range.
    • A break above that level would open the door for a move up to 25.9050 (50% retracement).

Source: Bloomberg/MNI