USD/PLN 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Along with many other Greenback crosses, the current pattern of the USD/PLN currency pair has been initiated in the beginning of July. Since then, the pair has covered almost 180 bars and is currently undergoing the bullish correction around the major level of 3.16. For the pair to continue growing, the next considerable resistance line is located at 3.1631 (weekly R1); however, we do not expect the U.S. Dollar to have any major problems with breaching the mentioned level in the foreseeable future. Moreover, technical indicators on the 4H chart support the idea of further rise. Market participants, however, are in favour of pair's decline, as more than 73% of all opened positions are short.
© Dukascopy Bank SA
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