USD/PLN 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The recent developments on the USD/PLN currency exchange rate have demanded for a reevaluation of the rate. A previously active medium term ascending channel pattern has hit the resistance of a dominant descending channel pattern. Due to the result bounce off from the resistance line, the currency exchange rate has revealed the borders of another ascending medium scale channel. The support line of the junior pattern has provided enough support for the Greenback to rebound against the Polish currency. There are two possible outcomes to the situation. Either the support is passed and the rate falls lower or a short term triangle is formed due to the pressure of the just mentioned two trend lines.
© Dukascopy Bank SA
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