USD/PLN 4h Chart: Channel Down

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


The US Dollar continues to lose ground against the Polish Zloty. In the recent weeks a sharp descending channel pattern has formed, which represents the rates bounce off from a larger channel down patterns upper trend line. Most recently the currency exchange rate passed the support put up by the 23.60% Fibonacci retracement level, which is located at the 3.8413 level. The retracement levels are measured for this pair via connecting the 2016 low and high levels. The pair is set to continue the descent until it reaches the support line of the dominant channel. Moreover, the pair is overbought, as 74% of open SWFX positions are long.



  Level  Rationale     Indicator 4H 1D 1W
R4 1,258/59 Weekly R1; 100 and 200-period SMAs     MACD (12; 26; 9) Sell Sell Buy
R3 1,249 50.00% Fibo     RSI (14) Neutral Buy Neutral
R2 1,242/44 Trend; weekly PP; monthly S1; 55 SMA     Stochastic (5; 3; 3) Sell Neutral Sell
R1 1,224 Trend line     ADX (14) Sell Sell Neutral
S1 1,222 Trend line     CCI (14) Neutral Buy Neutral
S2 1,219/18 38.20% Fibo; monthly S2     AROON (14) Buy Buy Buy
S3 1,212/11 Weekly S2; trend line     Alligator (13; 8; 5) Sell Sell Buy
S4 1,202 Trend line     SAR (0.02; 0.2) Sell Sell Buy
          Aggregate

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