USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since December 9 of the previous year, the Dollar/Swedish krona currency pair has been appreciating, which led to emergence of the bullish channel on an hourly chart. Moreover, since the cross bounced from the lower boundary of the pattern back on the last day of 2014, it has been rising at a faster pace. At the moment there are no considerable resistances for the pair to keep advancing at least up to 7.92. If this level is breached, then the US dollar is likely to surge up to the pattern's resistance line around 7.97. Technical indicators support the bullish case in a long-term. Moreover, the vast majority of market participants (60%) are holding long positions on the USD/SEK pair.
© Dukascopy Bank SA
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