USD/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After nearing the lower boundary of the bullish channel, the US dollar began appreciating versus the Swedish currency. At the moment the pair is constantly approaching the upper trend-line at 7.4851. This level is reinforced by weekly R1 from below; therefore, an easy confirmation of the pattern is not likely to be the case. Keeping in mind mixed signals from technical studies on all time-frames, we can expect the pair to trade sideways, before any major movement takes place in the long-term. Moreover, market sentiment became completely neutral during past 24 hours. Stochastic indicator, in turn, is giving signals to sell the pair, meaning that the Greenback can be overbought. 
© Dukascopy Bank SA
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