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Free AccessTechnical Analysis: USDHUF Testing 300 Resistance
- USDHUF has been testing its 300 resistance (200D SMA) in the past two days following strong HUF consolidation in the past 10 days; a break above that level would open the door for a move up to 303.50. On the downside, first support stands now at 297.70 (100D SMA), followed by 293 (50D SMA).
- EURHUF ticks lower this morning after finding a local high of 356.40 on Friday; supports to watch on the downside stand at 354.40 (50D SMA), followed by 350. On the topside, key levels to watch are 358.10 (100D SMA) followed by 359.30 (200D SMA).
- HUFJPY ticks higher this morning after finding support slightly above its 100D SMA at 36.45; the pair has retraced sharply lower in June amid HUF weakness, with next important support to watch below 36.45 standing at 36. On the topside, first resistance stands at 37, followed by 37.30 (50D SMA).
- CZKHUF ticks lower this morning and is currently testing its 100D SMA at 13.87; a break below that level would open the door for a move down to 13.84 (50D SMA). On the topside, ST resistance to watch stands at 14.
- PLNHUF has been retracing slightly lower after failing to break through its 50D SMA at 78.32 on Friday; first support to watch on the downside stands at 77. On the topside, next resistance above 78.32 stands at 78.53.
- GBPHUF has been retracing lower in the past two days after finding a high of 416.50 on Friday; ST supports to watch on the downside stand at 410.70 (50D SMA) followed by 407.30 (200D SMA). Key support remains at 400, which represents the 38.2% Fibo retracement of the 348.10 – 431.60 range and its LT upward trending support line. On the topside, first level to watch stands at 420, followed by key resistance at 431.60. (chart below).
Source: Bloomberg/MNI
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