USD/SEK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has been appreciating relative to the Swedish Krona since the first quarter of 2014, when it traded at 6.33. But because of a lack of momentum USD/SEK is currently struggling to overcome an obstacle at 6.50. Accordingly, while in the short run the exchange rate is likely to decline a little more, eventually the pair should resume the rally. For the time being resistance is at 8.43, while the buying pressure may be already felt at 8.29, namely at the current location of the 200-period SMA. In the meantime, an overwhelming majority of the SWFX market participants are pessimistic regarding the ability of the Greenback to gain value—71% of open positions are short.
© Dukascopy Bank SA
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