USD/HKD 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the very end of September USD/HKD reached this year's high at 7.7702; however, it did not manage to consolidate at this level. Therefore, the pair started to fall in value and by doing that it also formed a double bottom pattern.
Currently, the pair is moving towards the major level at 7.76, which is also complemented by the pattern's resistance or the neckline. We expect that the pair will continue to advance for the time being, as it already has managed to break above a cluster of resistances (200-period SMA, weekly and monthly PP) around 7.7570 level. Moreover, a distinct majority of the SWFX traders also anticipate the pair to appreciate as 74.72% of them have opened long positions.
© Dukascopy Bank SA
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