USD/PLN 1H Chart: Bearish momentum
The US Dollar has been depreciating against the Polish Zloty since the currency pair reversed from the upper boundary of a long-term ascending channel at 3.8400. This movement has been bounded in a short-term descending channel.
From a theoretical point of view, the general direction is expected to be south—the exchange rate should target the lower boundary of senior channel located at 3.6600.
However, technical indicators suggest that a decline might not be immediate, and the currency pair could breach the junior channel north. Also, the rate could re-test the resistance level formed by the weekly PP at 3.7995.
From a theoretical point of view, the general direction is expected to be south—the exchange rate should target the lower boundary of senior channel located at 3.6600.
However, technical indicators suggest that a decline might not be immediate, and the currency pair could breach the junior channel north. Also, the rate could re-test the resistance level formed by the weekly PP at 3.7995.