USD/PLN 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 174-bar long channel up was formed by greenback– Polish Zloty cross, when the pair dropped from 3.175, level which is just 60 pips below the current market price. The pair is not trading around any of the trend line, however, a 75% magnitude suggests traders can expect some significant returns from the upcoming movements. According to aggregate technical indicators, in a short term the pair is likely to head in pattern's resistance line's direction, while in a medium and long term, the formation of the downtrend can be anticipated. In addition to that, current market sentiment is strongly bullish, reinforcing a view of a move to the north in the nearest future.
© Dukascopy Bank SA
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Mon, 19 Aug 2013 14:53:37 GMT

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