USD/HKD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/HKD surpassed its short-and long-term SMAs on September 5 and started a gradual retreat, fluctuating in a narrow corridor of two downward-sloping lines. On September 10, 50-hour SMA fell below 200-hour SMA creating a death cross that resulted in the pair's decline to almost a two-week low of 7.7540. After hitting this low, USD/HKD slightly advanced to trade close to the support region at 7.7541 (daily S1; four-hour S1), but a further climb seems unlikely.
At the same time, technical indicators are sending mixed signals, predicting a jump in the short-term and a decline in the medium-term.
© Dukascopy Bank SA
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