USD/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN reversed some of the losses, after nearing the 100-hour SMA around 4.07 yesterday. Now the pair seems to be coming back towards the upper trend-line of the pattern for a second time this week. Judging from the signals given by 4H and daily technical indicators, the US Dollar should continue gaining value against the Polish Zloty over the next 24 hours, meaning a break-out from the bullish pattern is quite possible. Moreover, the pair remains oversold in the SWFX market, as 64% of all transactions are short. In case the cross goes through the red trend-line, it will be then facing upside risks to grow up to weekly R2 just below 4.21, followed by the last monthly resistance at 4.24.
© Dukascopy Bank SA
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