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Selling Pressure Rises Following US CPI

CEE FX
  • Earlier today, we saw that US inflation surprised positively, coming in higher than expected at 6.2% YoY in October (vs. 5.9% exp.), a 30-year high, up from 5.4% the previous month.
  • USD index has been trending broadly higher, currently trading at a 1-week high at 94.60. Next resistance to watch on the topside stands at 94.74 (Sep 2020 highs).
  • USDPLN has been trending sharply higher in today's trading session, gradually approaching its key resistance at 4.0160; a break above that level would open the door for a move up to 4.0440, which corresponds to the 61.8% Fibo retracement of the 3.6170 – 4.3080 range.
  • USDCZK continues to trend higher today after finding support at its 100DMA yesterday (21.72); next resistance to watch on the topside stands at 22.
  • USDHUF has been retracing higher today, breaking above the 315 level; next resistance to watch on the topside stands at 316.50.

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