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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

  • EURHUF remains softer and has again extended its current downleg. The break below 356.32, Jan 25 low is weighing on the cross.
    • The break lower opens 353.15, a major support and Dec 14 low.
    • Key resistance is at 361.14, Jan 27 high. Initial resistance is at 358.80, Feb 1 high.
  • EURPLN is under pressure still and is trading below the 50-day EMA. Attention turns to the key support at 4.4946, the Jan 7 low. A break would open 4.4771, Dec 29 low. Key resistance is at 4.5618, Jan 28 high. Initial resistance is at 4.5299, the 20-day EMA.
  • The USDZAR recovery from 14.7667, Jan 21 low, found resistance at 15.3792.
    • The pair needs to clear 15.3800, the Jan 18 high to expose key short-term resistance at 15.6625, Jan 11 high.
    • Key support is unchanged at 14.7667, Jan 21 low. A break would be bearish and trigger a stronger sell-off towards 14.5037, Dec 25 low.
  • USDTRY remains heavy. The pair has this week breached former support at 7.2406, Jan 7 low. This opens 7.00, an important psychological round number.
  • USDRUB maintains a firmer posture following last week's gains. The pair has cleared 75.9104, Dec 22 high.
    • This paves the way for a climb towards 76.8035, 50.0% of the Nov 2 - Dec 17 sell-off.
    • Support is seen at 74.8336, the 20-day EMA.
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