USD/HKD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Sep 13, the pair neared but did not quite reach its 50-hour SMA, the move that became a starting point of the channel up pattern, within which the pair, firstly, tumbled to almost a three-month low but then recovered, peaking at almost one-month high on Sep 30. The outlook on the pair seems uncertain. On the one hand, 50-hour SMA is nearing 200-hour SMA, raising the death cross risk. Adding buying pressure, the USD/HKD is trading close to the up-trend support, a dive below which is likely to result in a sharp decline. On the other hand, traders are strongly bullish on the pair (87.50% of all positions are long), according to SWFX data.
© Dukascopy Bank SA
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