USD/PLN 1H Chart: Channel Down

Source: Dukascopy Bank SA
A descending channel led USD/PLN away from two-month highs of 4.0965 and has stuck around since, suggesting that bears are likely to extend the gains if the current tests of the upper boundary are unsuccessful. There is, however, quite a chance that the pair might break out of the pattern immediately and we will look for it to start a steep rally after the area is corrected. There are several deviations of the channel trend-lines, but most of them show that the area has been surpassed already and that 3.9315 could become the next target. The boundary area is strengthened by a cloud resistance and could therefore require a longer retracement. Immediate support, however, lies at 3.9063 and will come into play if the pair starts its track to 3.8493, the bottom trend-line.
© Dukascopy Bank SA
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