USD/PLN 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the upper boundary of the pattern in the end of the previous week, the US dollar began losing value against its Polish peer. However, a decline stopped in the middle between two trend-lines and now the pair tends to move horizontally. However, taking into account the pattern itself, its' support is slowly being approached. This is unlikely to be easy to achieve, as strong support area is going to continue limiting the US dollar's negative trend, even though 74% of market participants hold short positions at the moment. Technical indicators, in turn, give confident bullish signals on short and medium-term time-frames, suggesting the pair to gain value.
© Dukascopy Bank SA
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