USD/SEK 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A strong rally seen in May was stopped by the resistance at 6.71. However, after the encounter USD/SEK did not change its direction, but continued to fluctuate above 6.62. Consequently, the current sell-off is unlikely to drag on for long, but is expected to give way for a recovery that should eventually rise up to the Jun 12 high at 6.71.
However, the currency pair will need to breach a number of strong resistances, including a cluster at 6.6622, consisting of the weekly pivot point and 200-hour SMA. Still, the sentiment in the SWFX market is distinctly bearish, since 74% of traders are currently holding short positions.
© Dukascopy Bank SA
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