USD/RUB 1H Chart: Rising Wedge
Comment: Despite the frequent gaps there is a clear tendency emerging—narrowing of the trading range while the market is bullish. Accordingly, we may conclude that the upward momentum is weakening and there is an increasing chance of a reversal.
However, as long as the up-trend at 35.50 is intact, the outlook should stay positive, just as suggested by the four-hour and daily technical Indicators. And if the upper boundary of the pattern at 36.10 is breached, the bearish scenario is likely to be invalidated. Meanwhile, the SWFX market participants are mostly holding long positions, namely 59% of them.
USD/PLN 1H Chart: Channel Up
Comment: There is a small but potentially reliable bullish channel forming on the hourly chart of USD/PLN. But if the market continues to respect the two parallel rising trend-lines, the U.S. Dollar is likely to decline in the near-term, as it is currently trading just beneath the upper edge of the pattern.
The pair is expected to start sliding either from the previous high at 3.1263 or from the resistance at 3.1312, which is reinforced by the daily R1 level. This sell-off should give way for another bullish wave once the price falls down to 3.1174. However, the sentiment of the SWFX market is distinctly bearish—71% of open positions are short.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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