USD/HKD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is set to lose value against its Hong Kong counterpart. Apart from the down-sloping channel, bearish sentiment is implied by a breach and confirmation of the long-term moving average. During the next few days the rate is expected to test support at 7.7545/42, which could provide a temporary relief, while next week the Greenback is more likely to depreciate than appreciate. Nevertheless, downward potential is limited by a massive demand area around 7.7530, and thus forays deep below 7.7535 (November 9 low and daily S3) are unlikely. In the meantime, technical indicators across various time frames are silent, suggesting no particular course of events.
© Dukascopy Bank SA
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