USD/CNH 4H Chart: Ascending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar trades simultaneously in two ascending channels against the Chinese Yuan, as the Greenback marks new high levels against the Chinese currency. The smaller channel formed itself before the US presidential election, which did not break any patterns on this exchange rate. The fluctuations in the USD/CNH, on the contrary, revealed the location of the minor ascending channel's lower trend line. In accordance with the patterns the pair is set to soon bounce off the combined resistance of the two channels. However, SWFX market sentiment indicates, that the currency pair is not overbought, as it would be in such a situation. It means that traders should treat this pair with caution and look for additional information in the fundamentals.
© Dukascopy Bank SA
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