USD/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been depreciating  for the past 3 months and lost almost all the gains it had made from February to July. It appreciated by 3500 pips in that period. Theoretically it should be moving (appreciating) towards the pattern's resistance, but as we can see the pair is rather bearish lately. Bearish scenario is indicated by the medium term technicals as well. However, the pair is approaching 2013 low which should kick it higher. In addition to this market sentiment is clearly bullish as 73% of traders hold long positions on the pair. Majority (68%) of pending orders are set in their favour as well. 

© Dukascopy Bank SA
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