USD/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Weekly time frame explains recent bearish behaviour of USD/SEK. The currency pair has just bumped into the upper bound of the descending channel that has been forming since the beginning of 2015, meaning the recovery that started in May has ended. We are therefore bearish on USD/SEK, and the first major target is 8.37, namely the lower bound of the upward channel that formed during the May - July up-move, while the longer-term objective is 7.95. As for the intra-day outlook, the bias is bullish, being that the rate is near the support trend-line. The latest decline from 8.60 should be limited by 8.47, while rallies are to be contained by falling resistance line at 8.56.
© Dukascopy Bank SA
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