USD/CNH 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is simultaneously surging against the Chinese Yuan in two ascending channel patterns. On a larger scale the currency exchange rate has been in a channel up pattern since February, as the US Dollar surged against the Yuan. Recently the currency pair formed another, much smaller channel up, which is a representation of the rates rebound against the larger channel's lower trend line. However, the currency pair has a tendency to slightly move out of the pattern's borders, and the rate is approaching the 2016 high level near 6.76. Another factor indicating that the rate might not reach the 2016 high is the fact that the pair is already overbought, as 70% of SWFX trader open positions are long.
© Dukascopy Bank SA
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