USD/PLN 4H Chart: Channel Down

We are still awaiting a bearish impetus from the monthly pivot point and 200-period SMA that are placed at 4.00/0122, respectively. Notwithstanding the fact that 4H, daily and weekly technical indicators are all pointing sideways, we see the bears succeeding in commencing another down-leg in the direction of the channel down's lower edge at 3.8126. Firstly, USD/PLN is required to eliminate an immediate support in face of 55/100-period SMAs at 3.9712 and 3.9556. The next demand will be offered by a cluster between 3.9070 and 3.88. A bullish rebound from here is not off the table, especially given that SWFX market participants are now largely divided on the matter—53% short and 47% long.