USD/SEK 4H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK just added an upper boundary to the four-month uptrend, causing the rate to gather itself into a symmetrical triangle, which implies a break above the 8.5566 area for the bullish trend to continue. Currently on its way to the lower trend-line, the pair will encounter demand pressures at 8.5373 and 8.5275 and is also likely to test the 8.4943/5017 area before diving to the 200-period SMA which would open the way to 8.4547 where the trend-line would restrict a further downfall. With pressures stemming from below, however, the pair could be strong enough to break the pattern next week already, and in case this happens, a bounce from the broken trend-line (8.5747) can be expected right after 8.5990 is tackled.
© Dukascopy Bank SA
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