USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
A senior channel down pattern led USD/PLN away from the 4.2795 high it had set in December 2016, and is now targeting the bottom boundary of the pattern in a small-scale descending channel. The rate has just reached the bottom of the latest pattern and we will now look for it to bounce off 3.8143 and set another upwave into action. Immediate resistance lies at 3.8250 while support is located at 3.8143, the aforementioned channel bottom and we expect upside risks to take over for the time being.

  Level  Rationale     Indicator 30M 1H 4H
R4 3.8439 Upper Bollinger Band     MACD (12; 26; 9) Sell Sell Sell
R3 3.8416 Daily Pivot Point     RSI (14) Neutral Neutral Neutral
R2 3.8328 20-hour EMA     Stochastic (5; 3; 3) Sell Sell Neutral
R1 3.8250 Monthly S1     ADX (14) Buy Sell Neutral
S1 3.8194 Bottom Bollinger Band; Daily S1     CCI (14) Sell Sell Neutral
S2 3.8125 Weekly S1; Channel Bottom trend-line     AROON (14) Buy Buy Buy
S3 3.8013 Daily S2     Alligator (13; 8; 5) Neutral Sell Sell
S4 3.7955 Senior Channel Bottom trend-line     SAR (0.02; 0.2) Buy Buy Sell
          Aggregate → ↘ ↘
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