USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the USD/PLN currency pair formed a rather narrow channel down pattern in recent days, it is still able to respect both boundaries of the figure at the moment. Meanwhile, after touching the upper trend-line earlier on Thursday, the currency pair is set for a further decline in value, while aiming at the pattern's support around 3.56. On its way, the pair will encounter the daily S1 at 3.5776. However, SWFX market participants believe in bears' ability to violate this support on the pair's way towards the lower trend-line, while 68% of all opened positions are short at the moment. Meanwhile, technical indicators have no clear opinion both on short and long-term development.
© Dukascopy Bank SA
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