USD/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are good reasons to be long USD/PLN right now, as the currency pair has just broken out of the triangle to the upside and then formed a bullish channel. Still, there are considerable downside risks in the short run. First, the rate is currently oscillating next to the resistance trend-line. Second, there is supposed to be strong supply at 3.74, where the US Dollar peaked in February. Accordingly, there is a high chance of a sell-off down to support at 3.7140, which should remain intact for the bullish outlook to stay valid. Otherwise, the bears will have a good opportunity to throw USD/PLN to 3.6920, where the weekly pivot point merges with the 200-hour simple moving average.
© Dukascopy Bank SA
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