USD/SEK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar recently broke out of an ascending triangle pattern against the Swedish Krona, and due to that a short term channel up pattern has formed. In the meantime, on the weekly chart a massive channel down pattern is active, and the short term ascending channel is aimed exactly at the large scale pattern's upper trend line near the 8.71 level. However, the short term channel is a rather unclear pattern due to the fact that its lower trend line has been touched only two times. In comparison, the channel's upper trend line was touched seven times. In addition, the currency pair is oversold, as SWFX markets sentiment indicates that 73% of open positions are short.
© Dukascopy Bank SA
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