USD/SEK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a rising wedge pattern against the Swedish Krona, as the currency exchange rate has for the fourth time reached the pattern's support line at 8.6300. The pattern's lower trend line is a part of a support cluster made up also of the weekly pivot point at 8.6274 and the 100-hour SMA at 8.6243. However, the exchange rate recently bounced off the only resistance located in the between of the pattern's trend lines, which is the 55-hour SMA at 8.6436. The rate is set to struggle more with the simple moving average, as daily aggregate technical indicators also support a forecast with no changes in the next four hours and a surge in the rest of the session. In addition, there is lots of room for a surge, as 62% of open USD/SEK SWFX positions are short.
© Dukascopy Bank SA
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