USD/HKD 4H Chart: Channel Up

The American Dollar is trading against the Hong Kong Dollar in a short-term ascending channel. The surge represents a rebound of the currency exchange rate from the bottom trend-line of a preceding horizontal channel up. In the early Tuesday morning the pair has made an unsuccessful attempt to break through the weekly R1 at 7.8119. If by the middle of the day the channel will sustain, then the pair would make another attempt to break though the above resistance level. If it succeeds, the further surge to the combined resistance set up by the weekly R1 and the monthly R2 near 7.8153 is expected. If it fails, there will be no notable support levels until the weekly PP at 7.8048.