USD/SEK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on USD/SEK is bullish, as the downward correction is about to come to an end. Apparently, the SWFX traders have a similar view, since 70% of positions are long. The currency pair is expected to turn around 8.3777 and rally. The initial target will then be a combination of several supports that join together to create a dense supply area between 8.57 and 8.60. If this obstacle is out of the way, the next destination will be the upper boundary of the channel at 8.67. However, in case the US Dollar does not lose the current bearish momentum after an encounter with the rising support line, we are likely to see a test of the 200-period SMA at 8.3370.
© Dukascopy Bank SA
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