USD/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar recently reached the lower trend line of an ascending channel against the Swedish Krona. In addition, this move is consistent with the larger scale ascending channel, as the currency exchange rate bounced off its resistance last week. It also has to be mentioned that the large scale ascending channel is represents a breakout from a massive descending channel, in the borders of which the pair traded since the beginning of 2015. It is likely that the rate will rebound against the minor channel's support line, as the currency exchange rate is already oversold with 70.28% of open SWFX positions being short. In addition, daily aggregate technical indicators forecast that the pair will end the session higher than it was started.
© Dukascopy Bank SA
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Tue, 01 Nov 2016 13:13:06 GMT

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