USD/PLN 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although USD/PLN broke out of the 120-bar long triangle around 15 hours ago, we have not seen any considerable changes in the pair's tendency yet. It seems the pair remained locked in a 110-pips wide corridor formed by its short-and long-term SMAs; the currency couple was trapped by this channel after a notable drop performed on Jun 20.
Despite the recent slide beneath the 50-hour SMA at 3.0481, the pair is likely to withstand selling pressure and return to the area restricted by its SMAs, given that more than two-thirds of market participants on the SWFX hold the bullish view on the instrument.
© Dukascopy Bank SA
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