USD/PLN 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Yesterday we noted that USD/PLN might be forming a channel. Looking at the bigger picture, it does seem that there might be actually a falling wedge pattern emerging on the chart. What will decide which pattern is going to develop further is a test of the support at 3.37. If it holds and triggers a rally beyond 3.61, then we should expect an eventual breach of the red trend-line. On the other hand, if the bears push through the support line at 3.57, this will confirm the bearish outlook, and the price will be set to decline to 3.52. Consulting the SWFX traders, a majority of them (67.5%) considers the second scenario as more likely, being that they are currently holding short positions.
© Dukascopy Bank SA
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