USD/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being well-supported at 3.34, USD/PLN has recently resumed a rally that started back in Jul of 2014. Now the currency pair is trading within the boundaries of a bullish channel with a target of 3.66, and neither consolidation nor downward correction are expected in the nearest future.
At the moment the price is fluctuating just above the rising support trend-line at 3.5470, which is reinforced by the 200-hour SMA. Additionally, there is a dense demand area near 3.50, created by the Dec 31 low, weekly S1 and monthly pivot point. Moreover, most of the technical indicators, especially on the hourly and daily charts, are pointing north.
© Dukascopy Bank SA
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Fri, 02 Jan 2015 07:32:05 GMT

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