Yesterday in Poland were parliamentary elections. According to the preliminary results the current government lost its power in favor of the opposition. This resulted in uncertainty among investors, which can be seen in the USDPLN chart. For 10 days, the price moved in the upward channel and during this period has moved over 200 pips. If the election results will be discounted by investors and negative market information will not come from the winning party, USDPLN has a chance at least for some rebound.
Wider view, time-frame D1
Break above resistance at 3.8550 and USDPLN reached 3.8800. Last time price was so high in March 19, 2015. If the upward movement will continue, next target to bulls will be at 3.9500. Above this level at 4.0000 price was last in May 2014. It is very likely that the current upward move will not be continued and the price will return to the range, in which it moved since May 2015. In this case, further support are at levels: 3.8100, 3.6700, 3.6400.