USD/PLN 4H Chart: Ascending Channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the aftermath of the US presidential election the US Dollar surged against most currencies. During the surge, the USD/PLN currency exchange rate formed an ascending channel. However, the small scale channel has a very thigh range and is not likely to remain in effect for long, as fundamentals have been affecting the strength of the US Dollar, which subsequently has been destroying one pattern after another. Although, a possible surge is strengthened by the fact that the currency pair is oversold, as 71% of SWFX trader open positions are short. Meanwhile, on a larger scale the currency pair is in a larger ascending channel. Moreover, the rate is often affected by the Fibonacci retracement levels, which connect the 2016 high and low levels.
© Dukascopy Bank SA
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