USD/PLN 1H Chart: Pair stopped by senior channel
USD/PLN is trading in two channels which are guiding its movement. During the past six weeks, the Greenback has been trading sideways in the 3.3085/3.4330 area. Its latest movement upwards, however, was disrupted by the senior channel near the 3.40 mark, thus sending the US Dollar for a minor period of decline.
It is likely that this dominant pattern, reinforced by the 55– and 100-hour SMAs, the 23.60% Fibo retracement and the monthly PP, pressures the rate even lower during the following sessions. A possible downside target is the 3.36 level where the 200-hour SMA is located.
However, the pair should eventually gather enough bullish momentum to approach the upper boundary of the junior channel near 3.4340.
It is likely that this dominant pattern, reinforced by the 55– and 100-hour SMAs, the 23.60% Fibo retracement and the monthly PP, pressures the rate even lower during the following sessions. A possible downside target is the 3.36 level where the 200-hour SMA is located.
However, the pair should eventually gather enough bullish momentum to approach the upper boundary of the junior channel near 3.4340.