USD/SEK 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a failure of USD/SEK at 8.50 in February, the overall outlook remains positive. The currency pair is currently forming a falling wedge, meaning in the end demand is expected to exceed supply. Once the pattern is broken to the upside, the US Dollar will be set to appreciate and re-challenge the Feb high at 8.5576.
However, this scenario may well not transpire in the coming days, as the pair is currently struggling at 8.3577, where the down-trend merges with the weekly and monthly pivot points, creating strong resistance. As for the SWFX market sentiment, at the moment there are noticeably more bears (57%) than bulls (43%).
© Dukascopy Bank SA
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