USD/HKD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Hong Kong Dollar has been outperforming its U.S. counterpart since the beginning of September, but during the latest 130 hours this has been happening in a more orderly fashion, namely within two parallel and at the same time declining trend-lines. The upper boundary of this bearish channel is currently at 7.7537. It is unlikely to let the greenback to gain value, especially considering that this resistance is strengthened by the 200-hour SMA. In the meantime, the lower boundary of the pattern, together with the daily S3, creates a formidable support at 7.7522, which, according to the hourly and daily indicators, should be tested in the nearest future.
© Dukascopy Bank SA
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