USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting more than a one-year high of 3.3933 on July 10, USD/PLN reversed its trend and was gradually falling until it approached a seven-month low of 3.0630 on Sep 18. The pair bounced off this low to trade near 3.1207 (50-hour SMA, daily PP). The jump seems to have enfeebled the currency pair that is likely to retreated from the daily pivot point to test a bunch of support lines sitting at 3.1235/174 (four-hour S1, S2, S3). However, traders are holding an opposite belief, placing buy orders in 63.64% of cases. If traders' expectations materialize the pair will surpass daily pivot that will prompt a rebound to a four-hour resistance region at 3.1296/318 (four-hour R1, R2).
© Dukascopy Bank SA
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