USD/HKD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar moved the USD/HKD market on its own amid a Bank Holiday in the United States. A distinct downtrend was bound by the trend-lines of a descending channel, which led the pair away from half-year highs and appears to be sketching a shady head and shoulders formation. The pair is now making its way towards the bottom boundary at 7.7515 and the motion could flatten if compared to the latest rally inside the pattern. Currently attempting the cluster of resistances at 7.7575/71, the rate is expected to have some trouble before a consistent down wave is established.
© Dukascopy Bank SA
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