USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish channel on the hourly graph of the Greenback/Swedish krona cross has been formed in the beginning of the previous week and since then has covered only 86 bars. Currently U.S. Dollar is going down from the upper boundary, hovering around the daily S2 level at 6.9293. Taking into account high quality and magnitude levels, we predict the bullish channel to continue forming, while the pair may soon reach the lower trend-line around 6.8932. The weekly S2 at 6.9102, however, is likely to hold the currency for some time before it will be eventually breached. Technicals are mostly neutral at the moment, while SWFX traders are in favour of pair's decline (72%).
© Dukascopy Bank SA
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