USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As USD/PLN failed to gain a foothold above the July high, the currency pair exited the upward channel in the four-hour chart and instead entered a bearish channel in the hourly chart. For the time being the US Dollar is expected to target the lower boundary of the pattern at 3.7738, while in case of a rally the ceiling is supposed to be between 3.82 and 3.81. In this region the weekly pivot point joins forced with the long-term SMA and resistance trend-line. If this demand area is not enough to prevent a price increase, the exchange rate will likely rise up to 3.86, namely to the Aug 4 high. Meanwhile, the sentiment is bearish, with 67% of open positions being short.
© Dukascopy Bank SA
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