USD/PLN 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from late January we observed a consolidation as a result of a sharp up-move that was initiated in mid-December. This has eventually led to formation of a symmetrical triangle
 Considering that the pattern implies continuation of the major trend and the market is distinctly bullish, the currency pair is expected to breach resistance at 3.69 despite its formidability (weekly and monthly PP, 200-period SMA, and four-week down-trend) and re-challenge the Jan high at 3.80. However, if the support trend-line at 3.66 gives in first, the US Dollar will be exposed to a dip down to 3.5920, though there is a support line at 3.6340 also worth mentioning.
© Dukascopy Bank SA
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