EUR/PLN 30M Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
We expect a small rebound of up to two groszy from 4.41 to precede a new bearish wave within the emerging descending channel. The intraday rally should be capped by the falling resistance trend-line at 4.43, although there is an additional dense supply area at 4.4360 consisting of the daily R1, recent highs and 200-period SMA.

As for the longer-term scenario, 4.390-4.395 appears to be the limit for the current downward momentum, being that demand there is implied by a five-week up-trend line. At the same time, the single currency is strongly oversold (72% of positions are short), meaning there is unlikely to be sufficient selling to push through any significant support levels.
© Dukascopy Bank SA
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Mon, 11 Jul 2016 07:17:19 GMT

USD/SGD 4H Chart: Channel Down

The immediate outlook on USD/SGD is strongly bearish. The pair is currently trading near the upper boundary of the descending channel, the upper boundary of which it has recently confirmed. We expect the price to stay under 1.3570/50 (weekly R1, down-trend and July 5 high) and close beneath 1.34 in the nearest future. The sell-off will likely extend towards 1.3250.

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