USD/PLN 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a bullish channel emerging in the hourly chart of USD/PLN. Still, at the moment the downside risks are substantial, being that the currency pair is facing a serious resistance level at 3.8566, represented by the monthly R1 and July high. If this obstacle is overcome, eventually the price should reach the March high at 3.97. In the interim a correction will be expected to start in the region of 3.9126, where the weekly R2 merges with the upper trend-line of the pattern. A breach of 3.82 will invalidate the immediate positive outlook, but we will look for a rebound from a dense demand area around 3.78, created by the weekly S1, monthly pivot point and long-term SMA.
© Dukascopy Bank SA
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