USD/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During its bearish correction USD/PLN has already violated a number of important supports, including the Jan high at 3.80, since an encounter with resistance at 3.97. Right now the currency pair is approaching yet another potential reversal point at 3.7412, created by the Feb high and the lower trend-line of the channel. A test of this demand area should lead to a recovery to the upper trend-line, currently at 3.8445. At the same time, a failure will imply a sell-off to support at 3.70. Meanwhile, judging by the long/short ratio, the sentiment is strongly negative. Right now only 25.5% of open positions are long, with the remaining 74.5% are short.
© Dukascopy Bank SA
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