USD/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Opposite to the previously-discussed currency cross, the Dollar/Zloty pair is trading upwards since middle of the previous week. Just recently the U.S. currency approached lower-boundary of the pattern, meaning that a successful bounce from it may push the pair to trade higher. However, in case of breach of this line, we can predict the currency pair to drop at least down to major level of 3.29, which is also reinforced by 50-hour SMA at 3.2891. Medium-term indicators, however, believe in the first scenario, as they give bullish signals at the moment. SWFX traders, in turn, tend to support a movement through the lower trend-line, being that more than 73% of all opened positions are short.
© Dukascopy Bank SA
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