USD/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK has been in a distinct up-trend since last year's mid-March, and with the start of December the rate of US Dollar's appreciation only accelerated, leading to formation of a new bullish channel. The pair has recently confirmed its long-term bullish intentions by surpassing the 2010 high.
In the short run there is likely to be a downward correction, being that USD/SEK is trading near the upper edge of the channel at 8.20 reinforced by the monthly R2. If this is the case, the bears are likely to give up control of the market only near 8.01/00, where the monthly R1 coincides with the lower rising trend-line.
© Dukascopy Bank SA
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