USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK currency pair is strongly expected to pick up in the short term. Since yesterday the US Dollar has been hovering just above the lower boundary of the channel up pattern, and now it seems that bulls have gained enough momentum in order to send the American currency in the direction of the upper edge. The closest major resistance is represented by the weekly R2 and daily R3 at 8.3330. More than 72% of SWFX market participants suggest the pair will penetrate this supply and will move further to the upside. Meanwhile, the next resistance will be the pattern's upper boundary at 8.39, which is likely to defend itself, while daily technical indicators are pointing to the south.
© Dukascopy Bank SA
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