USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK is well-set to advance further north. Although the pair has been in a down-trend since the beginning of March, it managed to stabilise before hitting October 2015 low and the Greenback is now trading above the 200-hour SMA and within the boundaries of a high-quality ascending channel. The immediate support is at 8.2350/8.2590, while the key zone is 8.2500/8.2475, consisting of the lower trend-line forming the pattern and the weekly pivot point. The price is expected to rise past March 22 high and start a downward correction near 8.32, where it should meet the upper edge of the channel. After the retracement, given that the channel remains intact, the March 14 high and weekly R1 are to become the new objective.
© Dukascopy Bank SA
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