USD/SEK 4H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has outperformed the Swedish currency for most of this year, as since March the pair has been on a more or less constant up-trend. During this period many patterns have formed; however, currently we are seeing a broadening rising wedge pattern.
At the moment, USD/SEK has reached the highest trading level this year, also the highest level since September 2010. That, of course, might suggest that the pair is overbought for the time being. And according to the SWFX market participants that is what is happening in the market, as an overwhelming majority (73%) of them have shorted the pair, expecting for a bearish correction.
© Dukascopy Bank SA
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