USD/SEK 4H Chart: Channel Down

USD/SEK is only half on its way down to the lower trend-line of the pattern. Despite that, all weekly and monthly technical levels have already been breached and now the spot rests below them. The weekly S3 at 8.1308 is now making the closest resistance for the pair. The whole case is diminishing the bullish hopes for the short-term. We see the October 2015 low being tested over the next few hours, while by the end of the week it is going to probe the June 2015 low at 8.0328. On top of that, 4H and daily technical studies are pessimistic, while weekly ones are also leaning towards the bearish side. As for the SWFX sentiment, here 72% of all positions are short, and this implies the Dollar is still overbought.