USD/PLN 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is depreciating against the Polish Zloty in a descending channel, as the currency exchange rate has already passed two Fibonacci retracement levels. The currency pair is heading for the 61.80% Fibonacci retracement level, which is located at the 3.9250 mark. However, most recently the currency rate had a rebound against the channel's lower trend line, as the markets consolidated US Dollar's short positions, which caused a slight surge to the upside. Although, it can be seen that that surge might be at its end. Meanwhile, SWFX market sentiment is 73% bullish, which indicates at an upcoming decline, as the pair is already overbought.
© Dukascopy Bank SA
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