Zloty slated to fall against dollar
Jason G. Wulterkens (July 8th, 2009) Writes:
Traders patiently watching the zloty’s climb against the dollar in 2009 have fairly good evidence of an imminent reverse trend. A glance at the five-year chart shows that USD/PLN has now twice bounced off some fairly important support levels. Furthermore, intuitively the breakdown makes sense. Per a Bloomberg report today, Ulrich Leuchtmann, head of foreign- exchange research at Commerzbank in Frankfurt, opined that currencies in eastern Europe were starting to come under pressure. “It’s a natural correction from the very upbeat sentiment that we saw recently. From a fundamental point of view such a quick recovery didn’t make much sense,” he said. Thanks to JB3 over at Xtrends, by the way, for pointing out this setup.


![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)

