USD/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar entered a channel down patter on the one hour chart against the Zloty on June 7. At the moment, the currency exchange rate has rebounded against the pattern's lower trend line at 3.9298, and it is moving north at 3.9466. On its way up, the pair is now facing the second weekly resistance at 3.9763 and the previous month's high at 3.9855. Only after these resistances are broken, the exchange rate faces the pattern's upper trend line at 4.0000. The depreciation of the US Dollar against the Polish currency is also supported by the SWFX market sentiment, as the traders are bearish with 72% of open positions being short, which indicates that the pair might be oversold.
© Dukascopy Bank SA
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