Dukascopy Bank Team
Dukascopy Bank SA
USD/CNH 1D Chart: New pattern is spotted
The US Dollar surged against the rest of the financial markets on Monday. The reason was the fact that North Korea announced that it will stop its nuclear program.
The USD/CNH pair is no exception to the rule. This event quickly crashed the expectations of a decline of the Buck against the Chinese currency.
However, Dukascopy analysts noticed something important on the daily chart of the currency pair. Namely, note the newly added blue colored pattern, which represents the pairs surge in the borders of the pattern, which maps the rates decline since February.
USD/PLN 4H Chart: Breaking most resistance
The US Dollar has mapped a massive surge against the Polish currency. Dukascopy analysts had hypothesized a surge. However, the expectations have been beaten in more than one way.
Namely, the drawn junior ascending pattern was broken to the upside on April 20. Secondly, the pair continued the surge only being slowed down by the 200-SMA for a short period. The following surge broke past the medium scale pattern's upper trend line.
On Tuesday morning Dukascopy analytics saw that the pair had stopped during the last 16 hours at the combined resistance of the most dominant pattern and the weekly R2. It was expected that the stalemate would end soon and the pair would break free soon.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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