Dukascopy

USD/PLN 1H Chart: Bearish momentum

OANDA:USDPLN   U.S. Dollar / Polish Zloty
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.
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