USD/SEK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since June 5 the Dollar/Krona cross has been driven by the 55-period SMA, which has a distinct downward trend at the moment. Moreover, this line has recently crossed the less volatile 200-period SMA, therefore underlying the pair's bearish intentions. The base scenario for the Dollar includes depreciation down to lower edge of the pattern around 7.90. However, the pair must initially violate a strong demand represented by the monthly S2 at 8.03. According to the daily technical studies, this task will be accomplished as soon as in the next 24 hours. However, a rebound is possible in the long run, especially considering an advantage of bullish (63%) trades over the bearish ones (37%).
© Dukascopy Bank SA
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