USD/CNH 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar continues its surge against the Chinese Yuan simultaneously in two ascending channel patterns. The medium sized pattern is a representation of the rates rebound against the larger pattern's lower trend line. Most recently the currency exchange rate broke through the resistance put up by the weekly pivot point at 6.9439. Due to that fact the rate has a free path up to the medium sized pattern's upper trend line, which on Tuesday morning was located near the 6.98 mark. However, the pair is already overbought, as 71.64% of open SWFX positions were long on Tuesday.
© Dukascopy Bank SA
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