The US Dollar has been depreciating against the Swedish Krona since the beginning of October when the USD/SEK currency pair reversed south from the upper boundary of the long-term ascending channel (1D time-frame chart).
From a theoretical perspective, some downside potential is likely to prevail in the market in the short term, as the exchange rate could target the lower channel line located 9.5000/9.6000 range. However, this decline might not be immediate as the rate has to surpass the support level—the weekly S1 at 9.5765.
If the given channel holds, it is likely that the general direction could remain north for the medium term. A possible upside target is the resistance level formed by the monthly R1 at 9.9657.