USD/PLN 1H Chart: Channel up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN put an end to the month-long downfall by setting a ground at 3.9810 where it began to sketch an ascending channel pattern. The pair had attempted to exit the pattern at the very beginning to create a steeper motion north, but was unsuccessful and returned inside the bounds of the formation. The breakout, however, served as a starting point for a junior channel up with a flatter slope and the next wave down will show whether the pair still follows the senior pattern or if tables have turned in favour of the junior one. We will look for signals around 4.0560 and then 4.0495 – the bottom boundary of the junior pattern to see whichever holds.
© Dukascopy Bank SA
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