USD/SEK 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 238-bar long bullish channel formed by USD/SEK originated at a six-month low of 6.3257 and took the instrument to one-month high of 6.5170 in the very end of March. However, now the pair is on the brink of an accelerating depreciation since USD/SEK has recently broke out of the upward sloping corridor and even the 200-hour SMA sitting at 6.4491, slightly below the trend-line, failed to mollify selling pressure. Technical indicators are sending mixed signals, pointing to a weakness in the medium-term and to a strength in the long-term.
© Dukascopy Bank SA
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