USD/HKD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
USD/HKD performed a sharp decline after it touched a three-day high on December 11. The slump was developed in the corridor of two downward sloping lines that act as boundaries of the 112-bar long channel down pattern. The currency couple has recently attempted to breach the upper limit of the corridor but the 200-hour SMA prevented this from happening and sent the pair back to the pattern's area where it is trading now. Meanwhile, technical indicators are sending mixed signals, being bullish for short and long terms but pointing to a weakness in the medium term.
© Dukascopy Bank SA
© Dukascopy Bank SA
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