USD/PLN 4H Chart: Channel Up

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Source: Dukascopy Bank SA
The Greenback is surging against the Polish Zloty in an ascending channel pattern, which is a representation of the currency exchange rates rebound in the borders of a larger descending channel. The currency exchange rate is about to experience a bounce off against a resistance level. However, it is quite unclear against which resistance, as the 200-period SMA is moving in from the upside near the 4.0150 level, and the upper trend line of the dominant channel is located at the 4.0280 level. Afterwards, it can be expected that the resistance levels will begin the formation of a minor channel together with the 50.00 Fibonacci retracement level of the 2016 high and low levels, which might act as a support to the pair.
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Mon, 10 Apr 2017 11:27:05 GMT

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