USD/SEK 4H Chart: Ascending Channel

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/SEK currency exchange rate is one of the many, which in the result of the US presidential election has formed an ascending channel pattern. However, the rate is simultaneously trading in two ascending channels, as the smaller channel is a representation of the pair's rebound against the larger channel's support line. Previous to the US election, the currency pair broke out of a massive descending channel to the upside, as it formed a medium scale ascending channel, in which it remains. Recently the pair reached the short term channel's lower trend line, and it is set to surge. However, it is still being pressured downwards by the monthly R1 at 9.2426.
© Dukascopy Bank SA
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