USD/SEK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/SEK cross is expected to move forward within the ascending triangle pattern. At the moment there are few downside risks that may potentially detail a strong appreciation of the Greenback at the expense of the Swedish currency. The current correction lower will likely end near the 8.30 marker, where it is going to meet the pattern's lower boundary, the second daily support for today and the 100-hour simple moving average. Technical indicators are predicting exactly the same case, as they see USD/SEK weaker in the short-term and higher over the next 24 hours of trading. The next leg up should be capable of hitting the 8.42 area. Meanwhile, sentiment of the SWFX market is neutral.

© Dukascopy Bank SA
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