USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN has recently broken out of the bullish channel, and the outlook is therefore strongly bearish, especially since the pair is forming a descending channel. Right now the price is fluctuating near the upper boundary of the pattern, meaning there is likely to be a decline in the near term as well. The current objective is the weekly S2 and the lower trend-line at 4.00 zloty. Once there, the Dollar will be expected to start an upward correction. Alternatively, if the price closes above 4.05, the rally will have a good chance of extending up to 4.10/4.09 (weekly PP and 200-hour SMA). In the meantime, in the daily timeframe USD/PLN appears to be moving towards the major up-trend at 3.83.
© Dukascopy Bank SA
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