USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another channel down was formed by USD/PLN and similarly as in XAG/USD pair, the greenback is losing ground due to political instability in United States. The tendency is likely to persist, as indicators on 4H and daily charts are sending "sell" signal, meaning the pair will move to the south in short and medium term perspectives. Meanwhile, 72% of traders are holding long position, expecting a short retracement back to 3.116-Fibonacci retracement and weekly support. The U.S. Dollar is oversold already, so a short movement to 3.10 and higher is likely. Nevertheless, the outlook for the pair is bearish, hence short traders can focus on a recent low and daily support at 3.0789.
© Dukascopy Bank SA
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