USD/PLN 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN has been in a distinct up-trend since July, and during this time the pair has formed a high-quality channel pattern. Accordingly, there is a high possibility the US Dollar will keep appreciating in the coming months. However, in order to confirm its long-term bullish intentions the currency has to overcome the immediate resistance at 3.39 represented by the 2013 high. At the same time, USD/PLN has to stay above the trend-line at 3.305, intactness of which implies a bias to the upside. If this is the case, the rate will be expected to re-test the 2012 July high at 3.51—the last bastion en route to 3.60, namely the 2012 high.
© Dukascopy Bank SA
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