Trade Pattern Ideas




Trade Pattern Ideas

USD/CHN 1H Chart: Channel Down
Mon, 17 Jul 2017 11:31:05 GMT
Source: Dukascopy Bank SA
 

Indicator 1H 4H 1D
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Neutral Buy
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate โ‡“ โ‡’ โ‡˜

USD/CHN is trading in a channel down in force since July 10. The given formation prevailed after a consolidation period with low range and volatility. On Monday morning, the US Dollar bounced off the bottom channel boundary at 6.7627 prior to forming a new wave upwards. Even though technical indicators flash bearish signals, they have been gradually improving, suggesting that bulls may prevail in this trading week. Thus, an upside breakout is a likely option. However, the Greenback still faces the 55-hour SMA near the 6.7780 mark whose breaching could indicate that the rate is to edge higher. On the other hand, there is still some downside potential until the 2017 low at 6.7320 that may be realised in case the pair continues to trade in the channel pattern.


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