USD/SEK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is simultaneously in three ascending channels against the Swedish Krona. Each one of the channels is steeper than the previous, as all of the minor channels are a representation of some rebound. Most recently the currency exchange rate met with an intersection of two upper trend lines at 9.4337 and bounced off of the resistance level. The rate is set to surge, as the pair is oversold, as 75% of open SWFX positions are short. In addition, the aggregate technical indicators forecast a surge for the Greenback against the Krona on all of the timelines reviewed in the analysis. However, before the large jump the pair is set to struggle with resistance at 9.4007, where the monthly R1 is located at.
© Dukascopy Bank SA
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