USD/SEK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/SEK pair has already been discussed last Friday, when the 1H chart has been analysed with the channel up pattern. On a longer-term chart, however, the pair is still trading inside the boundaries of the bearish channel, even though the pair is recovering towards the upper trend-line at the moment. The new July monthly PP and 200-period SMA have just recently been violated, therefore the pair is likely to head in the direction of the upper edge in the short-term, despite 4H technical indicators giving signals to sell the Greenback. Meanwhile, market sentiment is broadly undecided on the pair's perspectives, and bears have a slight advantage with 51% of all open trades.
© Dukascopy Bank SA
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