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 | ↘ | → | ↗ |