USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bias towards USD/PLN is negative. The currency pair has just approached the upper boundary of the recently formed bearish channel. The US Dollar should bounce off resistance at 3.72 and penetrate the nearest supports, including the monthly PP at 3.70, 200-period SMA at 3.6730 and Jun 10 low at 3.6475. A rebound will be expected at 3.61, where the price will meet the lower trend-line. Alternatively, in case the down-trend at 3.72 turns out to be insufficient to prevent a rally, the exchange rate will likely rise to the Jun 5 high, but will also have a chance to challenge 3.8264, namely the May high. At the same time, the sentiment is bearish, since 67% of open positions are short.
© Dukascopy Bank SA
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