USD/CNH 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Although the title states that the US Dollar is in an ascending channel against the Chinese Yuan, the pattern has already been broken. It has been broken due to the influence of a larger pattern. On a larger scale the currency exchange rate is fluctuating in a descending triangle pattern. The channel is just a representation of the latest surge to the upper trend line of the triangle. It can be observed that the currency pair is set to decline to the lower trend line of the dominant pattern. Moreover, the hypothesis of a fall is supported by the fact that the pair is already overbought, as 71% of open SWFX positions are already long.
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