USD/CNH 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar was surging in an excellent, short range ascending channel pattern against the Chinese Yuan, as analyzed by the Dukascopy team. However, that was before the US presidential elections and their intrigues began to influence the strength of the US Dollar, as investors began to dump the Greenback in favor of other safe investments like the bullion or the Swiss Franc. Due to that, the previously active ascending channel has been broken, and the currency exchange rate has retreated. The retreat has occurred in a descending channel pattern. Although, the pair might continue to decline in accordance with the channel, it is still set to meet the support provided by the previous 2016 high level at 6.7608.
© Dukascopy Bank SA
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