USD/PLN 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A typical reversal double bottom pattern has emerged in the one-hour chart for the USD/PLN cross. It proclaims that an eventual surge is a likely outcome, after the pattern is confirmed. We expect this to happen in course of the next 24 hours. For the bulls, there are several resistances that have to be crossed, before the most important supply at 4.00 is neared. Market participants are holding the dominant number of bearish positions (72%) over bullish (28%) ones, meaning the Greenback is overwhelmingly oversold in the SWFX market. A surge above 200-hour SMA will provide a fresh positive momentum for the pair, which will begin targeting the most recent high (4.06) touched before a Dec 3 drop.
© Dukascopy Bank SA
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