USD/SEK 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In confirmation to the bullish outlook of the yesterday's report USD/SEK has formed a symmetrical triangle on the four-hour chart. There was an attempt to violate the support trend-line, but the break-out turned out to be fake, and the positive bias remains valid. Once the down-trend at 8.62 is overcome, the first target will be 8.66, followed by an even stronger level at 8.7537, which stopped March advancement. However, we must also note that the technical indicators are strongly bearish on the shorter-term time-frames. Still, the SWFX market participants are confident in the ability of the US Dollar to appreciate, being that 72% of all open positions are long.
© Dukascopy Bank SA
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