USD/SEK 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK is currently approaching to the neck-line of the double top pattern and preparing to test the first support level around 8.42. In case the price fails to extend downward movement and break the pattern's support, we expect to see bullish correction back to cluster of resistance levels at 8.46. If the currency pair manages to go through  this demand level, the next obstacle, which could stop the bulls, lies at 8.51 (Aug 31 high). As for the technical studies, short-term and daily indicators retain bearish views, while medium-term ones are mostly pointing north. Meanwhile, sentiment among the SWFX market participants is strongly bullish: 74% of open positions are long.

© Dukascopy Bank SA
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