USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Provided with major bearish pressure near 3.67 (monthly PP), the USD/PLN currency pair decided to resume a decline and continue respecting the boundaries of negative-sloping channel. At the moment, the pair is already hovering as low as 3.57, and further losses seem to be the case in the short and medium-term. If the US Dollar's bears succeed in testing the weekly S1 at 3.5642, the pair will be forecasted to drop down to the pattern's support/monthly S1 during the next week. Meanwhile, the near-term technical studies are giving strong signals to sell the Greenback against the Polish Zloty. Moreover, the gap between bullish (32%) and bearish (68%) opened positions remains substantial.
© Dukascopy Bank SA
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