USD/SEK 4H Chart: Broadening Descending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a broadening descending wedge pattern against the Swedish Krona, as the currency exchange rate recently rebounded against the pattern's lower trend line at 8.3387, and it is moving upwards to the pattern's support line. However, the currency pair is facing a very strong resistance cluster starting from 8.4034 to 8.4161, and the cluster is made up of the 55-period SMA, weekly pivot point and the first monthly support. Moreover, the pair is already overbought, as 70% of open SWFX positions are already long. Due to that, it is possible that the Greenback will change its direction against the Swedish Krona before it reaches the upper trend line.
© Dukascopy Bank SA
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