USD/HKD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a long-lasting downside trend, the U.S. Dollar eventually altered its direction versus its Hong Kong peer, forming a 88-bar long channel up pattern.
Notwithstanding that since the very end of 2013 the currency pair has been trading close to the pattern's support line, USD/HKD is not likely to break out of the pattern given a strong support level represented by its 200-bar SMA that meanders near the pattern's lower boundary. At the same time, the upside also may be constrained by the 50-bar SMA that has been preventing a climb for several days already.
© Dukascopy Bank SA
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