USD/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is trading simultaneously in two ascending channel patterns against the Swedish Krona, as the minor channel is a representation of the rates rebound against the dominant channel pattern's lower trend line. However, the surge has been already twice stopped and reversed by the 23.60% Fibonacci retracement level at 9.0799. The Fibonacci retracement levels for this pair are measured via connecting the 2016 high and low levels. As a result of the previous moves a small scale ascending triangle pattern has formed. Due to the larger scale situation, it is most likely that the rate will break out of it to the upside, and continue its path higher.
© Dukascopy Bank SA
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