USD/SEK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is also surging against the Swedish Krona. However, there is a particular detail regarding the medium term movements of the currency pair. The rates medium term pattern is a result of the rate rebounding against a Fibonacci retracement level not a lower trend line of the dominant pattern. The rate bounced off the 38.20% Fibonacci retracement level, which is located at the 8.8573 level. Recently the pair ended the surge up to the 23.60% Fibonacci retracement level at 9.0846. Due to this fact it can be assumed that the currency rate will break the medium term pattern. However, the channel is still holding, as it managed to stop the bounce off from the 23.60% level.
© Dukascopy Bank SA
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