Possible USD/HKD resistance around 7.7608

Written January 24, 2012 at 10:08 PM EST by  

The pair been trading between 7.7594 and 7.7600 for the last two days, currently testing downward trend line resistance which has been developing since last Friday. Currently there is added resistance at 7.7608 by the 100 hour moving average and the 38.2% line. If there is a close above this level we look to 7.76135 as the next topside target. Failure to close higher should see continued trading in this range.

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