USD/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK is expected to rebound in the nearest future, based on the developments from the past 24 hours. Yesterday it managed to bounce off the lower trend-line of the bearish pattern, while the Greenback has already penetrated both weekly S2 and S1. However, the pattern implies that a recovery is unlikely to prolong in the long run. The upper edge is reinforced by the weekly pivot point and 200-hour SMA around 8.45. Moreover, medium-term technical indicators are pointing downwards, while daily ones are mixed at the moment. Therefore, as soon as the cross reaches the northern trend-line, it will be forecasted to reverse its gains and resume declining in the direction of 8.10 (lower boundary).

© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.