USDPLN, D1 - still below the lower limit of the channel
The USDPLN currency pair has dropped significantly despite the cut in the interest rates in Poland. The market currently is hovering around the lower limit of the key downward channel which could be the important support/resistance area. Also, an important resistance could be located at the previous top at 3,98.
It seems that only a move above could open the way to the higher levels. However, if PLN will be getting stronger the next possible support may be located at 161,8 Fibo expansion near 3,84.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It seems that only a move above could open the way to the higher levels. However, if PLN will be getting stronger the next possible support may be located at 161,8 Fibo expansion near 3,84.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.