USD/SEK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK failed to recover past 8.46/8.48 last month, and as a result, the exchange rate is forming a descending channel on its way towards the lowest since October level. However, before the final bearish wave to 8.0950 there is likely to be an upward correction from the lower boundary of the pattern that, together with the weekly S2 and monthly S3, implies a dense demand area at 8.2665/30. An additional reason to be bearish is the current sentiment in the SWFX market. At the moment 74% of open positions are long, meaning demand for the US Dollar is highly unlikely to increase any time in the near future, and the bears are to dominate the pair for now.
© Dukascopy Bank SA
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Mon, 28 Dec 2015 07:52:05 GMT

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