Dukascopy Bank Team
Dukascopy Bank SA
USD/PLN 1H Chart: Medium-term channel in sight
The US Dollar has been depreciating against the Polish Zloty since the beginning of December. This movement has been bounded within the medium-term descending channel.
From a theoretical point of view, it is likely that some downside potential could prevail in the market, as the USD/PLN exchange rate should target the lower channel line located in the 3.7200/3.7600 area. The general direction could also remain south in the medium term.
However, note that the exchange rate is supported by the 55- and 100-period SMAs (4H time-frame chart) in the 3.8000 area. Thus, if the given channel does not hold, bulls could prevail in the market in the nearest future. In this case the rate could face the resistance of the Fibo 23.60% at 3.8540.
USD/ZAR 1H Chart: Two scenarios likely
The US Dollar has been depreciating against the South African Rand since the beginning of January. This movement has been bounded within the medium-term descending channel.
Currently, the USD/ZAR exchange rate is testing the upper channel line. Note that the rate is supported by the 55-, 100- and 200-hour moving averages. Thus, it is likely that some upside potential could prevail in the market. In this case the rate could face the resistance level - the Fibo 23.60% at 14.67.
If the given channel holds, a reversal south could occur in the nearest future. Also, it is likely that bears could prevail in the market in the medium term, as the currency pair could continue to trade within the given channel.
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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