USD/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term bias towards the US Dollar is negative, considering that USD/PLN has recently formed a bearish channel, and the exchange rate is currently standing right next to the resistance trend-line. However, it merits mention that the technical indicators do not favour an immediate and prolonged decline, and the sellers seem to have trouble dealing with demand at 3.70. Once this support level is broken, the currency pair will be expected to target 3.65. Alternatively, if the price closes above 3.72, the outlook will be changed to bullish, with the first target at 3.74, followed by 3.7550. Still, the SWFX sentiment is bearish: as many as 67% of positions are short.
© Dukascopy Bank SA
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