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The current down-leg is estimated to extend through recent lows soon. A rectangle formed by USD/PLN assumes that after a short pause a sell-off will continue. The key support is placed in the 3.94/3.9365 and consists of Dec 9 and Dec 3 lows. A drop below them is anticipated by technical indicators on all time frames at the moment. Another bearish push will be provided by 55/100/200-hour SMAs, which are hovering just above the spot around 3.97. Moreover, we should not neglect the presence of daily and weekly pivot points, which are going to underpin the mentioned moving averages. Despite all, USD is strongly oversold (71%) in the SWFX market, and this fact puts the long-term bearish case at risk.
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