USD/SEK 1D Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has approached the upper edge of the horizontal channel it has been trading within since the beginning of this year. Accordingly, the bias is to the downside, and the price is expected to bounce off of 8.84 and then decline through the 200-day SMA until it meets strong demand at 8.10.
Eventually, however, there should be a break-out to the upside, considering that rectangle is a continuation pattern. The arguments in favour of an immediate rally through 8.84 are the bullish technical indicators (daily and monthly) and the fact that USD/SEK is oversold—60% of open positions are short. In this case the next target will be the highest since 2009 level, namely 9.3350.
© Dukascopy Bank SA
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