USD/SEK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last week, the US Dollar has successfully bounced off the lower boundary of the bullish channel and is intending to grow again, following the short-term weakness that took place since mid-March. Technical indicators on a 4H and weekly charts are strongly pointing to the upside, suggesting the pace of USD/SEK pair's advance should increase both in near and long-term. Substantial support is provided by a number of demand zones around 8.59, 8.49 and 8.35 that are very unlikely to let bears take a lead over bulls. Therefore, the Greenback/Krona currency pair is likely to hover in the direction of pattern's resistance at 8.90, with the intermediate target just above 8.74 (monthly R2). 
© Dukascopy Bank SA
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