USD/HKD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Opposite to the previous currency cross, here the American dollar is underperforming against the Hong Kong dollar. Moreover, the currency pair now approaching the lower boundary of the bearish pattern. In order to reach it, the Buck will have, at first, to test the strength of weekly S1 at 7.7522. If successful, the pair is likely to near the pattern's support in the foreseeable future. However, it is reinforced by daily S3, and SWFX traders are convinced in the majority of all cases (72% of all positions are long) that this support will send the pair to trade back to the north. Meanwhile,  at the moment technical studies are undecided on all time-frames, including short, medium and long-term.
© Dukascopy Bank SA
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