USD/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After USD/PLN had established a long-term bullish trend by breaking through the 200-hour SMA, the currency pair started forming an upward-sloping channel. The near-term outlook however, is bearish, being that the price is closing in on the upper edge of the pattern. The rate is expected to turn around near 3.8063 and begin a correction, which should be limited by a cluster of supports around 3.76, where the green trend-line merges with the weekly PP, Sep 29 low and the long-term simple moving average. The SWFX market appears to be crowded with bears, since 74% of open positions are short, while the technical indicators are mixed.
© Dukascopy Bank SA
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