USD/HKD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the Hong Kong Dollar on a larger, long term scale in a descending channel pattern. However, most recently the currency exchange rate was fluctuating in the borders of a channel up pattern, which occurred due to the currency pair finding support in an ascending line, which connects the various low levels of this year. Moreover, as the currency rate surged in accordance with the rising channel, it broke out of the larger channel and retreated later on. This clearly indicates that the momentum set by the support of the 2016 low levels is stronger than the channel down pattern, which means that traders have to look out for a new large scale pattern about to form.
© Dukascopy Bank SA
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Wed, 12 Oct 2016 11:26:05 GMT

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