USD/PLN 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early December, the U.S. Dollar has been depreciating versus the Polish Zloty that has led to a formation of the double bottom pattern on December 6. At the moment of writing, the pair has just bounced off a recent low that is likely to result in a sharp appreciation in the hours to come. However, the upswing may be blocked by 50-hour SMA that now is acting as a formidable resistance. The SWFX data also calls the potential advance under into question as 80% of traders are bearish on the pair.
© Dukascopy Bank SA
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