USD/SEK 1H Chart: Channel Down

Following an attempt of the currency pair to pierce through 6.7080 on Nov 13 USD/SEK entered a downward-sloping channel and still preserves the bearish momentum.

Considering that the currency pair is right at the upper down-trend resistance line, the current rally is expected to be stopped and turned around by 6.5354 (this supply area is strengthened by the daily R1 and 200-hour SMA), despite the fact that most of the hourly and four-hour technical studies are presently giving ‘buy' signals. The bearish scenario is favoured by the majority of SWFX market participants, given that 72% of them are holding short positions on USD/SEK.