USD/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK is currently trading within the boundaries of a downward channel, but it is becoming increasingly harder for the pair to sustain the bearish momentum. The exchange rate is closing in on some of the most prominent recent lows, and it might take some time before the currency pair covers the distance between 8.55 and 8.48. Short positions should be then relatively safe until we approach 8.39, namely the Jul 10 low and weekly S3. A close above the up-trend at 8.6086 will invalidate the bearish outlook, and we will look for to a test of the 200-hour SMA. In the meantime, an overwhelming majority of the SWFX traders (74% of them) are long the US Dollar.
© Dukascopy Bank SA
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