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Technical Analysis: GBPHUF Gets Support Above 400 Level

HUNGARY
  • USDHUF has been moving sideways in the past two weeks, trading between 283 and 287; resistances to watch on the topside stand at 290 and 294 (50D SMA). On the downside, first support below 283 stands at 280.
  • EURHUF has been getting support above the 345 level; supports to watch on the downside stand at 343, followed by 340. On the topside, first resistance stands at 350, followed by 355.
  • HUFJPY ticks lower this morning after finding a local high at 38.75 yesterday; first support to watch on the downside stands at 38.18 (50% retracement of the 31.94 – 44.44 range), followed by 38. On the topside, first resistance stands at 39. (scale *100)
  • CZKHUF retraces higher after finding support at 13.60 and is currently trading slightly below its 200D SMA at 13.71; next resistance to watch above that level stands at 13.80. On the downside, first support below 13.60 stands at 13.40.
  • PLNHUF ticks higher this morning after finding support slightly above the 77 level; resistances to watch on the topside stand at 78, followed by 78.42. On the downside, next support to watch below 77 stands at 76.60.
  • GBPHUF ticks higher this morning after failing to break below its key support at 400, which represents the 38.2% Fibo retracement of the 348 – 432 range. Resistances to watch on the topside stand at 407 (200D SMA), followed by 411 (50D SMA and 23.6% Fibo). On the downside, supports to watch below 400 stand at 395 and 390. (chart below).

Source: Bloomberg/MNI

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