USD/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN started a downside trend on September 29 when it hit a two-day high of 3.1399. Since then, the pair has been depreciating, attaining a two-week low of 3.0941 on October 3. The U.S. Dollar is likely to extend its losses against Polish Zloty given the bearishness of the pattern. However, market players do not support gloomy outlook, betting on the appreciation of the pair in 63.63% of cases. To confirm the traders' sentiment, USD/PLN has to regain strength to breach the four-hour pivot point at 3.0987, a break through which may trigger a test of the daily pivot point lying near the four-hour resistance at 3.1080.
© Dukascopy Bank SA
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