USD/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though USD/PLN does already have a quite sharp slope to the downside, we expect a selloff to strengthen in the foreseeable future. The vast majority of trading levels are acting as resistances for the pair at the moment. Among them, the 200-period SMA and monthly pivot point are guarding the upper edge of the channel from the upside, while 100/55-period SMAs are placed exactly on the red trend-line. Bearish correction, projected by 63% of SWFX market participants and 4H technical indicators, will find it difficult to cope with the first demand at 3.8950 (weekly and monthly S1s). However, success here is essential for an even steeper plunge in the direction of 3.79, or pattern's southern boundary.
© Dukascopy Bank SA
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