USD/PLN 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the past two weeks the volatility of USD/PLN has been decreasing, which led to a formation of the symmetrical triangle. However, it is yet uncertain in which direction the break-out is going to occur, since there were no distinct trend before the pattern. According to the daily technical indicators and SWFX traders' sentiment (71% of positions long), there is a greater chance of a rally through a cluster of resistances at 3.0481 (down-trend, daily R1 and 200-hour SMA). If the bullish momentum persists, the price should then target Jun 26 high at 3.06. The next objective could be Jun 20 high at 3.0750.
© Dukascopy Bank SA
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