USD/SEK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
Recent developments on the USD/SEK currency exchange rate have pressured for a review of the currency pair's forecast. The pair reached the upper trend line of a medium term descending channel, and as a result of that a short term channel down pattern was formed. The short term pattern has lead the pair through the support of the 38.20% Fibonacci retracement level at 8.9855. Next the currency rate is set to move in and attempt to find support in the 23.60% Fibonacci retracement level, which is located at the 8.8757 mark. This support is most likely going to be passed as the previous one. The Fibonacci retracement levels for this pair are measured by connecting the recent 2017 low level with the high level of December 2016.
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