USD/HKD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another US dollar cross, this time with the Hong Kong dollar, has very successfully reached the upper trend-line of the channel down pattern, which was emerging since the last week of December 2014. At the moment the pair seems a bit range bound. From the upside it is limited both by 100 and 200-period SMAs, while from the south a support is provided by the weekly pivot point and 55-period SMA at 7.7531/27. From the point of view of technical indicators, the pair is not going to breach the upper boundary and is likely to continue losing value in the medium and long-term. SWFX market participants, however, are strongly bullish towards the Buck, namely in 73% of all cases.
© Dukascopy Bank SA
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