USD/HKD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having hit a one-month high of 7.7677 in mid-March, USD/HKD followed a bearish trend and started to shape a double bottom pattern early April.
Now the pair is on the rise as a plunge to a six-month low of 7.7530 one day earlier helped the instrument to change its direction. Meanwhile, the currency couple is located not far away from the neck-line at 7.7553 but the likelihood of the breakout remains questionable as technical indicators do not point to any possibility for a rally in either short or long terms.
© Dukascopy Bank SA
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