USD/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN is correcting lower after a rally, which pushed this currency pair above a psychological level of 4.00 Polish Zloty per Dollar. A dive back below this mark is quite likely for the moment, being that the pair managed to overcome a strong support in face of 55-hour SMA, daily S1 and weekly R2 at 4.01-4.02. Now the market is focusing on 100-hour SMA at 3.99, which is immediately followed by the pattern's lower trend-line. A short-term downward move is also projected by hourly technical indicators. However, in the long run a continuation of a bullish trajectory seems reasonable, given that the Dollar became too oversold in the SWFX market, as now 67% of all open positions are USD-short.

© Dukascopy Bank SA
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