USD/SEK 1H Chart: Short-term decline expected - Trade Pattern Ideas - Dukascopy Bank

Fri, 25 Oct 2019 14:19:15 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)NeutralSellBuy
SAR(0.02;0.2)BuySellSell
Aggregate

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.


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