USD/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN is still waiting for a more pronounced bullish impetus, which is going to send the US currency in the direction of 4.10 where the pattern's upper trend-line is currently located. A dense supply cluster remains the main obstacle for this currency pair, namely the 100-hour SMA and daily pivot point around 4.01. According to the technical indicators, USD/PLN should start a bullish correction in the next 24 hours and the first aim for the long traders will be weekly R1 and January 6 high at 4.06. A success there will imply additional gains towards the trend-line. Risks are also skewed to the upside, as the pair still seems to be too oversold in the SWFX market (74% of all positions are short).
© Dukascopy Bank SA
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