USD/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the pattern itself and most of the technical indicators imply that USD/PLN will retain bullish momentum, resistance at 3.93 still remains intact, which explains 74% of positions being short. Apart from the Mar 12 high and the daily R1, this level is represented by the historical 2009 high, meaning the pair may well fail to extend the gains. But if it succeeds, the bullish intentions will be confirmed, and 3.97, namely the upper boundary of the channel, will become the new target. At the same time, violation of the support trend-line at 3.90 should be followed by a sell-off to 3.88. Additional demand areas are supposed to be at 3.85 (weekly R1) and 3.81 (200-hour SMA).
© Dukascopy Bank SA
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Fri, 13 Mar 2015 07:39:07 GMT

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Thu, 12 Mar 2015 14:47:06 GMT

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