USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pairh as been in a clear downtrend since the first week September, but seems to have stabilized after a 850 dip in the course of 4 hours slightly prior to the formation of the pattern. After the recent bounce from the pattern's resistance it is approaching September low at 3.0636 (not included in the table in order to await confusion). It is possible that October low, which is being tested at the moment could cause some bullishness as well.  Short and medium term technicals, however, point at further depreciation of the pair. Some bullishness is indicated only by the long term Stochastic indicator.

© Dukascopy Bank SA
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