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Technical Analysis: GBPHUF Testing 23.6% Fibo Resistance

HUNGARY
  • USDHUF continues to trend higher this morning, breaking above the 307 resistance; next level to watch on the topside stands at 307.70. On the downside, first support stands at 302.50, followed by 299.60 (50DMA).
  • EURHUF also continues to retrace higher, breaking above its 200DMA (356.80) yesterday and gradually approaching its next resistance at 360; next level to watch above that stands at 362.50. On the downside, first support stands at 355, followed by 353 (50DMA).
  • HUFJPY has been retracing lower in the past few days after failing to break its 200DMA in the past few days; next support to watch on the downside stands at 36. On the topside, first resistance to watch above 36.37 (200DMA), stands at 36.71 (50DMA). (scale*100).
  • CZKHUF has trending higher in the past two weeks, gradually approaching its key resistance at 14.15, which corresponds to the pair's all-time high. On the downside, first support stands at 14, followed by 13.86 (50DMA).
  • PLNHUF ticks lower this morning after failing to break its 78 resistance; next level to watch above that stands at 78.48 (200DMA). On the downside, first support stands at 77.59 (100DMA), followed by 77.27 (50DMA).
  • GBPHUF has been trending higher in the past week and is currently testing its 420.50 resistance, which corresponds to the 23.6% Fibo retracement of the 384.40 – 431.60 range. Next resistance to watch on the topside stands at 424.60. RSI indicator shows that the pair is currently slightly 'overbought'. On the downside, first support stands at 413.60 (38.2% Fibo), followed by 412.50 (200DMA). (chart below).

Source: Bloomberg/MNI

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