USD/PLN 1H Chart: Channel Up

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Source: Dukascopy Bank SA
USD/PLN formed a channel up pattern on the hourly chart as part of a senior channel on a larger time-frame to guide the motion to the upper trend-line of it. The pair has just completed a down-wave inside the bounds of the junior channel, and it failed to dip underneath 3.9616, the 20-hour EMA, in order to really tap at the bottom trend-line. Immediate resistance lies at 3.9700, the daily Pivot Point, and is being tested right now in a large green candle. We will look for the level to ultimately break and open the way to 3.9756 and then ultimately 3.9871.
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