USD/SEK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is trading in an ascending channel pattern against the Swedish Krona. However, the ascending channel is about to become obsolete by the end of the week. The reason for that is the fact that the currency exchange rate is about to reach the upper trend line of an active long term descending channel pattern near the 8.90/92 levels. It is most likely that the pair will bounce off from that resistance level and begin its move lower. However, the following move will not be a sharp fall, as the rate is being also influenced by Fibonacci retracement levels, which are located between the last year's high and low levels. Most important is the 38.20% retracement level at 8.8558.
© Dukascopy Bank SA
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