USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN has been trading in a distinct down-trend since May 11, and the tendency is likely to persist. In the near-term the rallies are to be capped by the falling resistance line at 3.55, while the target is 3.5050, where the lower boundary of the channel coincides with the 2011 Dec low. The negative outlook is reinforced by the technical indicators, which are mostly pointing south on the hourly and four-hour charts. On the other hand, in case the price closes above 3.55, we can expect either the weekly PP at 3.58 or the 200-hour SMA at 3.6040 to prevent further recovery of the US Dollar. At the same time, the SWFX sentiment is bearish, as 68% of open positions are short.
© Dukascopy Bank SA
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