USD/SEK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK showed a downward sloping motion on the hourly chart in a bearish channel pattern which has now been confirmed two times on both sides, but might show some change of heart rather soon. The southward trend might be cut at 8.7403 which is the January 2016 low and we could look for a bounce to the upside. Until then we do, however, believe that the channel will hold, setting the next target at 8.8174, the upper boundary. The rate is currently squeezed in between several levels and has established a somewhat ranging motion which might spill into the upward momentum and flatten out the path.
© Dukascopy Bank SA
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