USD/SEK 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp decline performed by USD/SEK in second part of February has led to a formation of the broadening falling wedge pattern that is around 130-bar long now. Recently, the currency couple has bounced off a six-month low of 6.3617 and now it is likely to target the 50-hour SMA at 6.3792. Market sentiment also props up this idea, with almost 86% of traders being bullish on the pair. If USD/SEK breaches its short-term SMA it will move up to the daily pivot point at 6.3816 above which there is only the level of 6.3837/78 (H4 R2, R3) that may prevent the pair from attaining the pattern's upper boundary and attempting to break out of the tunnel.
© Dukascopy Bank SA
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