USD/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Thanks to the support at 3.0330 USD/PLN was able to commence a strong recovery, which later on turned into a bullish channel. Accordingly, since the currency pair has recently bounced off the lower boundary of the pattern at 3.0562, it is likely to surpass the immediate resistance at 3.0650, represented by the daily R1 and Jul 4 low. The rally should then extend to the upper trend-line, namely to 3.07 or even slightly higher. And while the technical indicators are not supportive of long-term appreciation of the Greenback, the bullish outlook on the U.S. Dollar is shared by an overwhelming majority of the SWFX traders, namely 72% of them.
© Dukascopy Bank SA
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