USD/SEK 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Positive outlook for the USD/SEK currency pair is currently supported both by technical indicators and market sentiment. The former are bullish on all time frames, meaning that they are waiting for the cross to rally in the next 24 hours. Alongside, 72% of SWFX market participants are holding long open positions on the Greenback versus the Swedish Krona. Therefore, the cross is highly expected to violate either one or both tops of the present pattern around the 8.56-57 levels. As a result, the recent tendency to appreciate may continue in the future. Bulls are forecasted to target the Jun high at 8.60, followed by the April high around 8.89.

© Dukascopy Bank SA
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