USD/PLN 4H Chart: Triple Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following major gains that USD/PLN currency pair accumulated in July-February, the Dollar experienced a considerable decline in price during the second half of the previous month. However, the pair's slump was capped by the monthly S1 around 3.68. After that, the pair began trading in a horizontal trend and eventually formed a triple top pattern. The short and medium-term outlook seems to be bullish. Strengthened by the mentioned support, the US Dollar is expected to advance towards pattern's resistance, which is reinforced by monthly PP at 3.8222. However, majority (67%) of SWFX traders are bearish on the Buck; therefore, the pair may resume losing value in the long-term.
© Dukascopy Bank SA
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