FX Emerging Markets Weekly Technicals – Range trading seems to be the name of the game for the days ahead.

EUR/PLN: Remains sidelined and should continue to trade between the 4.00 level and its 2011 uptrend line.

EUR/HUF: Is seen bouncing off the 265/263.06 support zone but should stay below the 271.15 May peak.

EUR/CZK: Has dropped back towards the middle of its previous four month range. Remains sidelined.

USD/TRY: The 1.6116/29 region has provoked failure. Expect to see further consolidation this week.

USD/ZAR: Remains under pressure but is expected to find support in the 6.5675/6.5000 zone or above it.

Rouble Basket: Should continue to trade within its three month 33.99-33.04 trading range.

 

 

Commerzbank Corporates & Markets
Technical Research