USD/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the present currency pair has been hovering sideways for past couple of hours, it is constantly moving away from the upper boundary of the pattern. The present trading level is located just below a considerable resistance at 3.3415, represented by weekly R1 and 55-hour SMA, meaning that the pair's reversal is highly unlikely. Technical indicators on a short-term time-frame are neutral; therefore, the Dollar is likely to reach the lower trend-line with the current trend. However, four-hour studies predict the cross to bounce back from pattern's support and commence a bullish recovery. Meanwhile, market participants are holding short positions in 74% of all cases.
© Dukascopy Bank SA
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