USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN is set to decline from the current levels. The pair has just hit the upper edge of the descending channel, meaning we are likely to see a slide down to 3.89 during the next few days. There the Dollar should encounter the lower trend-line and the weekly S1, which will trigger buying and therefore a bullish correction.
However, if this is not the case and the price closes above the falling line at 3.69, the rally will probably extend up to the weekly pivot point at 4 zloty. Additional significant resistance is at 4.0350, represented by the long-term moving average. Meanwhile, the sentiment is neutral in the SWFX market—46% of positions are long and 54% are short.
© Dukascopy Bank SA
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