HKD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
The Hong Kong Dollar is trading against the Japanese Yen simultaneously in two descending channel patterns. As it is often in the financial markets, there is a minor and a dominant pattern, as the minor channel represents the rates bounce off from the resistance of the dominant pattern's upper trend line. The rate is heading for the support level of the dominant pattern near the 14.0750 level, where it is also supported by the 50.00% Fibonacci retracement level at the 14.0712 level. The Fibonacci retracement levels have proven themselves to be strong enough to hinder or even reverse the rates direction. They are measured by connecting the 2017 high and 2016 low levels.
© Dukascopy Bank SA
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