USD/SEK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK failed to sustain a rally beyond 8.80, and now the currency pair is trading within the boundaries of a bearish channel. The pattern, however, is not of the highest quality, but we are still likely to see some action near the trend-lines forming it. The upper one at 8.44 has just been confirmed, and now this is green trend-line's turn to prove its worth by initiating an upward correction. The longer-term target is June's low at 8.0332. At the same time, a close above 8.44 will imply a rally to the monthly PP at 8.5221, and we may well see an extension towards the Aug 19 high at 8.60. The SWFX sentiment is moderately positive: 59% of open positions are long.
© Dukascopy Bank SA
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