USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most important phase of USD/SEK pair's development of the past three days seems to be over. Both 100-hour SMA and a new weekly pivot point have been violated on Monday. Now the closest support is represented by the daily S1 at 8.4971. Success here will expose the upward-sloping 200-hour SMA at 8.4755, which is followed by the pattern's lower trend-line. There we expect a recovery to commence, judging from daily technical indicators which are giving signals to acquire the Buck versus the Swedish Krona. In addition to that, 62% of SWFX traders are holding long open positions. Meanwhile, in case a drop prolongs beyond 8.4614, the first support should be offered by 8.4348.
© Dukascopy Bank SA
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