USD/SEK 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar/Swedish Krona currency cross formed a rising wedge pattern on a 4H chart, even though its boundaries are rather parallel, meaning that we are mainly dealing with a bullish channel. In addition, the trading range is decreasing on a very slight pace. Concerning the potential outlook, current location of important technical levels is speaking in favour of pair's climb in the near term, as a demand area around 8.39 (weekly PP; 55-period SMA) is likely to push the Greenback to the north. Meanwhile, daily and weekly studies are bullish, thus supporting the positive case for a long-term. Despite that, 70% of SWFX market participants are holding short opened positions at the moment.
© Dukascopy Bank SA
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