© Dukascopy Bank SA
There is a small but potentially reliable bullish channel forming on the hourly chart of USD/PLN. But if the market continues to respect the two parallel rising trend-lines, the U.S. Dollar is likely to decline in the near-term, as it is currently trading just beneath the upper edge of the pattern.
The pair is expected to start sliding either from the previous high at 3.1263 or from the resistance at 3.1312, which is reinforced by the daily R1 level. This sell-off should give way for another bullish wave once the price falls down to 3.1174. However, the sentiment of the SWFX market is distinctly bearish—71% of open positions are short.
© Dukascopy Bank SA