USD/PLN 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The current outlook on USD/PLN is strongly bullish. The currency pair has just slid down to a major demand area at 3.3462, and it is now in a good position to update November maximum. The mentioned support, apart from being implied by the monthly PP and 200-period SMA, is also reinforced by a three-month up-trend, namely the lower boundary of the emerging channel up pattern. However, the near-term technical indicators are mixed, with only weekly studies being distinctly in favour of US Dollar's further appreciation. Meanwhile, the SWFX market disagrees—as many as 70% of traders are holding short positions at the moment.
© Dukascopy Bank SA
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