USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to almost a one-year high created heavy selling pressure that has been keeping the pair trapped within relatively narrow bands for more than three months.
Despite currently faltering slightly above its 50-bar SMA at 3.1036, USD/PLN is expected to reverse its direction to the south as 57.14% of market players are betting on the depreciation of the pair. If this outlook materialize, the currency couple is likely to cross its daily pivot point at 3.1033 and approach daily resistances lying at 3.0904/617 that may significantly alleviate the downside pressure and prevent the bearish breakout.
© Dukascopy Bank SA
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