USD/SEK 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The currency pair was gradually retreating after tumbling below its 200-hour SMA that now represents the strong resistance, blocking any upside movements of USD/SEK. Meanwhile, USD/SEK may see its rate quickly falling further, as the pair moves closer to an intersection of the pattern trend-lines and is trading below its 200-hour SMA. However, the pair may seek support at the level of 6.4511 (daily S1) and 6.4192 (daily S2).
Supporting the negative outlook, market participants are mostly bearish on the pair, as the proportion of short positions is 72.73% compared to a 27.27% share of long positions, according to the SWFX data.
© Dukascopy Bank SA
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