EUR/CZK: Hawkish CNB to trigger a fall June lows at 25.27 – SocGen

FXStreet Insights Team FXStreet

The Czech National Bank (CNB) is set to announce its Interest Rate Decision today. EUR/CZK failed to cross the confluence of the 200-DMA and graphical resistance of 26.00 resulting in the retreat of the gains since June. The pair is now back at those lows of 25.30/25.25 and a hawkish outcome could send EUR/CZK below these levels, economists at Société Générale brief.

Signals of a large bounce are still not visible

“The CNB will raise rates by 25bp to 0.75% today, taking the second tightening step after the move to 0.50% in June.

“The question for CZK bulls is whether the statement will be hawkish enough to deflate EUR/CZK below the June lows of 25.27. Next key support lies at 25.13 with possibility to revisit lows of 2020 at 24.75”

“First resistance is located at 25.70.”

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