USD/SEK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascoy Bank SA
USD/SEK has hit both support and resistance lines for 4 times, hence the channel down pattern has 100% magnitude. Since August 20 the pair has been channelling down in a 3200 pips range. At the moment of writing the pair stood at 6.385, almost 600 pips below the 200-bar SMA. Even though technical indicators are not univocal, 71.62% of all opened position are long, suggesting in the nearest future the pair move in pattern's resistance direction. The pair is facing two strong levels at 6.3995 and 6.3678, and a move above or below each of them would reflect market's mood and investors' intentions to push the pair either to the north or to the south.
© Dukascopy Bank SA
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