USD/SEK 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar created a double top pattern against the Swedish Krone, as it topped on May 19 and May 30. At the moment, the currency pair has bottomed, as the US Dollar depreciated against all currencies on Friday, when unexpectedly low Non-Farm Employment data was published. The currency exchange rate is below all SMAs and is moving around the level of 8.1594, which is between the daily and weekly pivot points above the pair at 8.21 and daily and weekly first supports below at 8.07. If the US Dollar moves against the Swedish Krone in accordance with the patter, the rate is bound to go up this week. In the meantime, aggregate technical indicators forecast no changes for today. However, a surge is indicated for the rest of the month.
© Dukascopy Bank SA
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