USD/PLN 4H Chart: Stranded between SMAsThe 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.
