USD/SEK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp advance performed by USD/SEK took the pair to a six-month high of 6.6539 during three weeks started early May when the instrument embarked upon formation of the 87-bar long rising wedge pattern.
To continue its bullish trend in future, the currency pair has not only to re-approach the recent high but also to surpass this mark, above which it will face a daily resistance at 6.6584. If overcome, this resistance will open the way towards the pattern's upper boundary propped up by the level of 6.6742 (daily R2), above which we may expect a bullish breakout.
© Dukascopy Bank SA
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