USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN did not break out of the channel with an upside gap after the weekend, giving us a good reason to stay bearish. The near-term ceiling is at 3.72, while by the end of the day we may expect a dip down to 3.69, although volatility could be decreased because of a lack of events in the economic calendar scheduled for today.
A close above the red trend-line will invalidate the negative bias, and in this case we will be looking at the long-term moving average (currently at 3.7570) as a new objective, followed by a significant resistance level at 3.78. Meanwhile, the SWFX traders' sentiment is notably bearish, being that 71% of open positions are short.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.