USD/PLN 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN formed a double top following the 9.2% November surge. The pair is currently hovering between the daily and weekly S1 and is steadily approaching the neckline at 4.1465 where we will look for signals of what happens next. Technical indicators, such as various SMAs, a red Ichimoku cloud and a cluster of pivot points above the current exchange rate reading confirm a bearish future for the pair. On a general scale, however, the pair is on an up-wave in a weekly ascending channel pattern, meaning that the downtrend implied by the pattern could not be long-lived. It is hard to tell what levels will guide the large-scale surge, as the double top is a conquest of all time highs.
© Dukascopy Bank SA
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