USD/SEK 1H Chart: Channel Up

USD/SEK is currently attempting to reverse the results of the bearish behaviour it demonstrated from Sep 6 to Sep 19. After bottoming out at 6.3079 the currency pair commenced a recovery that is intact at the moment.

However, the pace of the U.S. Dollar's appreciation has decelerated lately, since the rate is approaching the 200-hour SMA that may turn out to be impenetrable for the present rally. These risks are represented by the daily technical indicators, almost all of which are favouring development of a dip, a course of events that is likely to come true especially in case the supports at 6.3888 and 6.3769 give in.