USD/PLN 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Apparently, many of the US Dollar pairs are at a crossroad at the moment. Either they will form an ascending/descending triangle, or penetrate a trend-line and form a double top/bottom. USD/PLN is one of those pairs that rather belongs to the second group, as it has only few confirmations of support at 3.6936. However, resistance trend-line at 3.7347 still remains intact, and it is critical for it to be broken to confirm that USD/PLN is indeed forming a double bottom. Then the price will be expected to surge through the 200-period SMA and test the neck-line at 3.8157. Otherwise we will conclude that supply for the Greenback is overpowering demand, which in turn will imply violation of 3.6936.
© Dukascopy Bank SA
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