PLN is the worst performing currency in the EM space and weakness is set to continue on global volatility and commodities rout.
- USD/PLN continued its way up reaching 4.1198 levels, the highest since March of 2003, scope rises for test of 4.2850 barrier.
- Momentum still with the bulls, RSI and Stochs at overbought levels, but no signs of weakness.
- Immediate support lies at 4.0536 (5-DMA), while resistance is located at 4.1300 (Apr 2002 highs).
Recommendation: Use any dips around 4.10 as buying opportunities, weakness only below 4.00, Target 4.1300/4.1557
