USD/PLN 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the currency pair confirmed the upper bound of the ascending channel emerging in the four-hour chart, it entered a bearish correction and formed a downward-sloping corridor in the lower time frame. At the moment, however, USD/PLN is trading right at the support line of the newly established pattern, which implies a one to two-day rally of 250pips towards the resistance trend-line at 0.9450. This supply area is further strengthened by the 200-hour SMA and June 1 high. In the longer-term perspective the US Dollar should be aiming for 3.86 zloty, a level that could be already reached by mid-June, if the current rate of decline is preserved.
© Dukascopy Bank SA
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