USD/PLN 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that USD/TRY has recently formed two distinct valleys, there is a high risk of a large rally due to emergence of a double bottom pattern. If the resistance at 3.69, represented by the Feb 4 high and 200-hour SMA, is broken, the US Dollar will be expected to rise through the nearby resistances up to 3.7730, namely the Jan 29 high.
On the other hand, a breach of the strong support at 3.62 is likely to lead to a further decline in the value of the Greenback. Meanwhile, the technical indicators that are mixed, and only a slight majority (56%) of the SWFX market participants are holding Dollar-short positions.
© Dukascopy Bank SA
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