USD/SEK 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Growth of the US Dollar against the Swedish Krona was halted by the 8.55 level on July 3 at the end of the trading session. Since then the USD/SEK pair has been trading in the range between 8.57 and 8.43, which led to emergence of the double top pattern on an one-hour chart. The current stage of development implies a correction down to the pattern's support, namely the valley between two tops at 8.4344. In case the 100-hour SMA is violated, the pair will most likely reach the mentioned support. However, the long-tern outlook is fairly bullish at the moment. Both 4H and daily indicators are positive, while 73% of SWFX traders are holding long open positions on the Greenback.

© Dukascopy Bank SA
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