USD/PLN 4H Chart: Stranded between SMAs
The US Dollar has been depreciating against the Polish Zloty since the middle of August after the currency pair pullback from the upper boundary of a descending channel at 3.8410.
The exchange rate was stranded between SMAs during the morning hours of Monday’s session. The 200-hour simple moving average was providing resistance at 3.6996, while the 100-hour moving average was providing support at 3.6828.
A breakout through the upper boundary of a descending channel is likely to occur within this session. If this breakout occurs, the next target for the currency exchange rate will be at 3.7158 during the following trading sessions.
The exchange rate was stranded between SMAs during the morning hours of Monday’s session. The 200-hour simple moving average was providing resistance at 3.6996, while the 100-hour moving average was providing support at 3.6828.
A breakout through the upper boundary of a descending channel is likely to occur within this session. If this breakout occurs, the next target for the currency exchange rate will be at 3.7158 during the following trading sessions.