Steady As She Goes

The Polish zloty has been treading water for the past year; unable to break through its February 2006 four-year high of PLN3.7465/EUR. Year-long trendline resistance comes in at PLN3.7800/EUR, and a break of these two levels is key to setting up further gains for the zloty. In the case of further strength, our target would be PLN3.5000/EUR. On the flip side, two-year trendline support comes in at PLN3.9500/EUR, with the next key level after that being PLN4.1000/EUR.

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