Originally published by AxiTrader
The Czech koruna has seen a strong rally since the central bank lifted the peg in April. However, that rally is now under threat amid the political situation. The victory of the ANO party and a fragmented parliament could hurt investor confidence, and put the Czech currency under pressure.
Technicals also suggest that there could be a short squeeze in EUR/CZK and USD/CZK. Both currency pairs show positive RSI divergence on the hourlies.
USD/CZK could see a rally towards 22.20, while EUR/CZK may start a recovery towards 26.00 in the near-term.
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