USD/PLN 1H Chart: Greenback tended southwards
The US Dollar is trading in three channels simultaneously against the Polish Zloty. The senior pattern has confined the rate for the last seven months.
If looking at the pair’s movement two weeks ago, it is apparent that the senior channel took the upper hand over a more junior formation, as the rate halted near the 3.67 mark, thus failing to reach the upper boundary of the medium-term channel near 3.72.
Currently, the rate is trading in a three-week channel down. Technical indicators signal that the Greenback might still edge slightly higher within the following two sessions, but reverse near the 200-hour SMA circa 3.62/63.
The subsequent movement should be tended south in the short term down to the 3.57 mark where the weekly and monthly S1s and the lower boundary of the medium channel are located. This area could mark a minor correction upwards.
If looking at the pair’s movement two weeks ago, it is apparent that the senior channel took the upper hand over a more junior formation, as the rate halted near the 3.67 mark, thus failing to reach the upper boundary of the medium-term channel near 3.72.
Currently, the rate is trading in a three-week channel down. Technical indicators signal that the Greenback might still edge slightly higher within the following two sessions, but reverse near the 200-hour SMA circa 3.62/63.
The subsequent movement should be tended south in the short term down to the 3.57 mark where the weekly and monthly S1s and the lower boundary of the medium channel are located. This area could mark a minor correction upwards.
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