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Indicators signaling USD/HUF is oversold

While intraday moving averages point at a continued USD/HUF depreciation, the latest momentum readings raise the odds of a minor throwback.

USD/HUF appears primed for a pullback, at least towards overhead resistance established by the 50-period simple moving average. Consistent declines locked RSI below the 50% mark for most of the last 3 weeks.

More noticeable was the recent sell off which led the oscillator plunge below its 25% level. This showed that market participants are keen on selling. In the context of a prolonged down trend, the 4-hour RSI looks now very heavy on the sell side so it could be prone to a squeeze back higher. However, the risks are but still skewed to the downside.

USD/CHF weaker, could test 0.9634 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s current downside could extend towards 0.9634. Key Quotes “USD/CHF
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GBP/USD extends UK CPI-led gains towards 1.3000, US data in focus

The GBP/USD pair staged a solid rebound from five-week troughs and rallied more-than one big figure so far this session, with the upside accentuated b
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