USD/HKD 1H 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 in a descending channel pattern, as the currency exchange rate at the moment is close to the pattern's lower trend line. In addition, the USD/HKD has reached the support level provided by the weekly S1 at 7.7552. In accordance with the pattern, the rate should move northwards, as the rate has already rebounded against the pattern's support line. Such a hypothesis is also supported by the daily aggregate technical indicators, which forecast a surge for the pair during today's trading session. However, the aggregate indicator for the next four hours starting from 9:30 GMT forecasts a movement downwards for the pair. Due to that, it is possible that the rate will first reach the pattern's lower trend line at 7.7550.
© Dukascopy Bank SA
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Fri, 05 Aug 2016 11:17:04 GMT

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