USD/SEK 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rebound from a major support at 6.30 and a subsequent breach of a multi-year down-trend this April facilitated bullish activity of the pair. As a result, USD/SEK formed an upward-sloping channel, meaning the U.S. Dollar is likely to keep outperforming the Swedish Krona as long as the lower edge of the pattern remains intact. However, just recently the pair has hit the upper edge of the channel, which implies there is going to be a bearish correction. This dip, if initiated, may potentially extend to 6.94 without jeopardising the positive outlook. In the meantime, while the technical indicators are mixed, the sentiment of the SWFX market is distinctly bearish—72% of open positions are short.
© Dukascopy Bank SA
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