USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
By connecting the peaks and troughs charted within the latest 400 bars we may arrive to a conclusion that USD/PLN is in the down-trend. At the moment the currency pair is trading at the upper edge of this bearish channel, which creates strong resistance at 3.1267 with the help of the weekly R1 level. However, at the same time USD/PLN is underpinned by the long-term moving average for 200 periods, a fact that explains unwillingness of the price to commence a decline down to the lower boundary of the corridor at 2.95 right away. Still, the bearish bias is likely to prevail in the end, especially considering the signals of four-hour and weekly technical indicators.
© Dukascopy Bank SA
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