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Analysts at Credit Suisse believe that it still makes sense to hold a medium-term strategy of buying EUR/HUF on dips rather than shifting to a forint-bullish strategy that involves selling the pair on spikes. 

Key quotes

“We currently see value in buying EUR/HUF on dips below 348 with an initial target of 365.”

“We suspect that a decline in EUR/HUF to our buying level will also suggest that many of the long EUR/HUF positions that have been in place over the past weeks will have been unwound.”

“At these levels positioning is unlikely to be a major obstacle for long EUR/HUF positions.”