USD/PLN 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There appears to be a bearish channel emerging on the four-hour chart of USD/PLN, but the upper boundary of the pattern for now is not as reliable as the lower one. Still, the pair is expected to stay beneath the trend-line at 3.63 and follow the bearish scenario. The nearest support level is at 3.59, but the sell-off is likely to extend down to 3.52-3.50 area before we see a pronounced upward correction. In the meantime, in case the supply area between 3.65 and 3.63 fails to contain the bulls, the US Dollar will be in a good position to target 3.7250, where the weekly R1 joins forces with the 200-period simple moving average. As for the SWFX market sentiment, 67% of positions are short.
© Dukascopy Bank SA
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