USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After crossing 55-hour SMA at 8.4140, we suggest the USD/SEK  pair will experience no difficulties in penetrating the nearest resistance line represented by the daily R1 at 8.4379. At the same time, future bullish intentions may face more significant obstacles including the Sep 23 high at 8.4491 and another supply area above 8.4850. The latter is capable of reversing the US Dollar back to the downside. Nonetheless, the bearish scenario is projected neither by technical indicators nor by SWFX market participants. While 1H and 4H studies are pointing upwards, 72% of traders are holding long open positions. Therefore, we are likely to see the trend-line at 8.5117 being approached soon.
© Dukascopy Bank SA
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