USD/PLN 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although just yesterday USD/PLN was trading in a bullish channel, today the lower boundary of the pattern has already been violated. This allowed the currency pair to form a downward-sloping channel, which is already more than 40 bars long.
However, in order to confirm its bearish intentions USD/PLN still needs to breach the long-term moving average at 3.1174, then it will be able to approach the lower falling trend-line at 3.1038.
In the meantime, an overwhelming majority (71%) of the SWFX market participants are holding long positions, expecting the U.S. Dollar to appreciate.
© Dukascopy Bank SA
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