USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar recently has been depreciating against the Polish Zloty in a descending channel pattern. The channel has formed itself, as the currency exchange rate attempted to break out of a large scale triangle pattern, as for the whole year of 2016 the pair has been trading in a triangle pattern. Moreover, the channel and the triangle actually share the upper trend line, which is support by the 38.20% Fibonacci retracement level. The Fibonacci retracement levels connect the 2016 high and low levels of respectively January and March. It is most likely that the rate will break out of the descending channel and begin the formation of a new pattern, which will reveal the rates way to the triangle's lower trend line.
© Dukascopy Bank SA
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