USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback simultaneously trades in two descending channels against the Polish Zloty. Most recently the currency exchange rate reached the lower trend line of the dominant channel. That indicates that a rebound is about to occur, and the Buck is set to regain some of its losses. In the meantime, the currency pair has shown that it is highly affected by Fibonacci retracement levels, which are measured via connecting this year high and low levels. As the pair will begin its rebound, it is set to encounter the resistance put up by the 50.00% Fibo level at 3.9937 and the 38.20% retracement at 4.0616.
© Dukascopy Bank SA
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