USD/SEK 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since late February, the U.S. Dollar has been tilted upwards against the Swedish Krone; this helped the pair to reach almost a one-year high of 6.7081 in mid-June. In fact, the recent high is located at the upper trend-line of the 448-bar long gradually converging bullish tunnel that was shaped during the pair's advance.
A rise to the recent high enfeebled USD/SEK thus increasing chances that the pair will retreat from the current levels. This is supported by market participants who are bearish in more than 66% of cases, according to the SWFX data.
© Dukascopy Bank SA
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