© Dukascopy Bank SA
As the 200-hour SMA failed to keep USD/PLN afloat a few days ago, the currency pair was able to develop a bearish channel. Right now, however, the U.S. Dollar is undergoing an upward correction. But the rally is expected to come to an end in the nearest future, presumably in the region of the upper falling resistance line at 3.0125. Then the currency will be in a good position for a decline, potentially down to 2.9953, where the down-trend support line merges with the weekly S3 and thus creates a strong demand area. Meanwhile, an overwhelming majority of the SWFX market participants consider the greenback to be undervalued, specifically 70% of them.
© Dukascopy Bank SA