USD/PLN 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN is currently consolidating, after the pair bounced off of 3.71 at the very beginning of April. Before the US Dollar returns to appreciation, however, there is a chance the rate will fall some five-six figures. The currency pair is forming a descending triangle, a pattern that implies growing supply. We should therefore be ready for a breach of support between 3.86 and 3.85. The first major demand area this sell-off will encounter is at 3.8270/20, while the key level is at 3.80, implied by the four-week up-trend. Considering the sentiment in the SWFX market, the bears might not remain in control for long, since the Greenback is already overbought—73% of positions are already short.
© Dukascopy Bank SA
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