USD/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar was gradually appreciating against the Polish Zloty during October but the pair reversed its trend in early November and started a formation of the channel down pattern. At the moment of writing, the pattern is relatively short, only 60-bar long; however, there are no signs that the pair may breach the pattern limit soon, hence the downside trend is likely to persist in hours to come. Meanwhile, the SWFX data neither gainsay nor support this view, with traders being almost neutral on the pair (55.56% of them betting on appreciation of USD/PLN).
© Dukascopy Bank SA
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