USD/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA

The US Dollar is losing strength against the Polish Zloty in a short term descending channel pattern. The pattern is a representation of the rates fall from the resistance of a medium-term descending channel pattern. The rate is set to move to the dominant pattern's lower trend line in the upcoming weeks. However, the pair has proven to be highly affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. The 23.60% Fibonacci retracement level at 4.1418 has already hindered the pair from both sides, and only the momentum provided by the short term descending channel's trend line was enough to break through it. The pair is set to approach the 38.20% level at 4.0572 next.

© Dukascopy Bank SA

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