CZK/EUR: Macro Strength To Support Appreciation

Having firmly pushed through key resistance dating back to mid-2008 in July, the technical picture is supportive of further appreciation for the Czech koruna. We target a move to CZK24.00/EUR by end-2009, with further gains possible beyond that. On the downside, however, we caution that a dip back through support at CZK26.00/EUR would be a bearish signal.

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