USD/SEK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar in its cross with Swedish krona is approaching the lower boundary of the bullish channel, which will determine the future development of the pair. If the pattern's support is breached, as suggested by medium-term technical studies, then the Greenback is going to fall down to weekly S1 at 7.2864 in the long-term. This level, in turn, may provide enough support for the pair to commence a recovery, as assumed by daily technical indicators. In case of failure to cross the trend-line, the US dollar may bounce back to trade at weekly pivot point around 7.35. Traders, however, are broadly undecided on the pair's future, as bullish and bearish positions are equally divided for the time being.
© Dukascopy Bank SA
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