USD/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a two-year high in mid-November put a heavy selling pressure that since then has been weighing on USD/PLN. Despite more a month-long sell-off, the downside pressure has not abated yet and recently has sent the pair to a three-year low. The decline to this low was performed within the limits of the channel down pattern that was started on December 19. Currently, the pair is trading at the pattern's support, suggesting that we may observe a breakout before long, especially given a strong bearish sentiment on the market.
© Dukascopy Bank SA
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