USD/PLN 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching a low of 3.0254 on January 14, the USD/PLN pair rallied to 3.0866, later, making this level as a highest point of the double top pattern. Despite the fact the pair has been moving in a 100-pip range during the last 20 hours, aggregate technical indicators are sending the pair higher, making pattern's resistance a key level for long traders. Moreover, a movement to the south is unexpected, as bears will face significant resistance at 3.065, 3.0638 and 3.056, making it difficult to perform a downside rally. Meanwhile, market sentiment is not clearly marked with just 55% of opened positions being long, suggesting the pair will be driven by technical indicators.
© Dukascopy Bank SA
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