USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the upper trend line of the current bearish pattern in the evening on Friday, the Greenback/Zloty currency pair is still unable to bounce off this level. However, right now a strong support is provided by daily S1 at 3.6566, which stopped the US Dollar from declining earlier today. At the same time, we see the second attempt to take place in the nearest future, as suggested both by market participants and technical indicators. At the moment 4H and daily studies are giving strong aggregate signals to sell the pair, while there are almost no positive "buy" sings on any time-frame. Moreover, 70% of SWFX traders are still holding short positions on the Buck.
© Dukascopy Bank SA
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