USD/SEK 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being a highly volatile pair, USD/SEK forms patterns quite frequently and today we will examine one of them, double bottom, which was started during the pair's retreat from a one-month high of 6.5642.
The currency couple has already touched a three-week low, the pattern's bottom, two times and now is indefatigably approaching the neck-line at 6.4679 that represents the key level above which the pair may enjoy an accelerating appreciation. According to the SWFX data, USD/SEK is likely to surpass this formidable resistance before long as more than 83% of traders are bullish on the pair.
© Dukascopy Bank SA
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