USD/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/PLN currency cross has been gaining value at accelerated pace since July of this year; however, the current channel up was formed only in the last week of August. At the moment U.S. Dollar is facing the upper boundary of the channel at 3.2640 and trying to breach it, but last two attempts were unsuccessful. In our opinion, the attention should be paid to market sentiment, which is strongly bearish, as more than 72% of all opened positions are short. We expect the pair to decline in the direction of the lower trend-line; however, at first the pair is going to face the significant support levels at 3.2551 (weekly R1) and 3.2519/10, represented by daily and monthly R1.
© Dukascopy Bank SA
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