USD/SEK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK is in an up-trend since mid-March of 2014, and the bullish momentum does not seem to be exhausted just yet. The bias toward the pair in the short run is positive as well, being that the Buck is currently testing the lower boundary of the upward-sloping channel and a majority of the technical indicators is pointing north.
The exchange rate is expected to rise through the nearby resistances until it reaches the upper trend-line that managed to stop a massive sell-off of the Swedish Krona on Feb 12. However, if demand at 8.40 fails to underpin the price, there is strong support at 8.3318, consisting of the weekly PP and 200-hour SMA.
© Dukascopy Bank SA
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Fri, 13 Feb 2015 07:05:24 GMT

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