USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Most of the studies suggest a weaker Dollar. USD/PLN is currently trading in a bearish channel, and the pattern implies a sell-off from 3.86. At the same time, the technical indicators in the four-hour time frame are mostly giving ‘sell' signals though are mixed elsewhere. However, the distribution between the open positions is noticeably skewed towards the shorts, meaning the US Dollar is already oversold. Accordingly, this increases the importance of the nearby support levels. The closest significant demand area is at 3.8250/00, where the weekly S2 merges with the June 23 lows. This is followed by another important support at 3.7830, namely the lowest in June.
© Dukascopy Bank SA
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