USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite trading in the up-trend during the past seven days, the US Dollar is likely to decline in the medium-term. The pair has just bounced back from the lower edge of the pattern, and is currently trading at the 8.4050 mark. Even though the majority of short and medium-term technical indicators are pointing to the upside, the space down to 8.35 is free, increasing risks of a drop. There, the Greenback will meet the 100-hour SMA and weekly PP, and they both can be strong enough to provide the pair with sufficient bullish momentum for the up-trend to be resumed. Meanwhile, the majority of SWFX market participants are bullish, as 55% of them are holding long open positions at the moment.
© Dukascopy Bank SA
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