USD/CNH 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently the US Dollar formed an ascending channel against the Chinese Yuan. The reason for the formation of the pattern was the pairs rebound against a massive scale pattern's lower trend line. On a massive, one year scale the currency exchange rate is in a triangle pattern. The reason for the formation of the pattern might be the currency manipulations, which have been done by the Chinese government, and that has caused pressure to build up in the rate. In accordance with the patterns the rate might soon begin a massive breakout to the upside or retreat once more to the lower trend line of the triangle. Traders are advised to continue to monitor the situation, as in both cases there are good ranges to take advantage of.
© Dukascopy Bank SA
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