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EUR/HUF has come close to the April peak at 369.53 by rising to 369.28 in October before rapidly falling again towards the October low at 355.82, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, briefs. 

Key quotes

“The June high at 357.48 is about to be reached with the next lower 355.82/10 mid-May high and October low also being eyed. Were it to be slipped through, the 200-day moving average at 351.75 would be next in line.” 

“Resistance above the 55-day moving average and the early September high at 360.92/361.71 comes in at the 366.35/44 September and October 20 high and also at the 369.28 October peak.” 

“Only if the 369.28 level were to unexpectedly be exceeded on a daily chart closing basis, would a daily 3 x 3 horizontal Point & Figure upside target at 384.00 be in focus as well as the minor psychological 400.00 mark.”