USD/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having approached a five-month high of 3.1624 early February, the U.S. Dollar started to lose ground against the Polish Zloty. Several days later, the pair embarked on formation of the bearish corridor that now is 150-bar long and is likely to become even longer as the pair seems to be unwilling to breach any of the channel boundaries before long. This is also propped up by the SWFX data; more than 66% of market participants bet on depreciation of the pair in the hours to come. Technical data also support the idea that USD/PLN will slide further after hitting a two-month low of 3.0118 on February 18. Indicators are sending ‘sell' signals for the short and long terms.
© Dukascopy Bank SA
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