USD/SEK 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK has been in a strong upward trend since the mid-March of 2014, but the bullish pattern started emerging only in the second half of the year, when the Dollar's appreciation rate accelerated. At the moment the currency pair is trading right at the lower boundary of the pattern, meaning the price is likely to rebound in the nearest future. Once the monthly pivot is out of the way, the next target will be a resistance level at 8.75, followed by the monthly R1 at 8.8860. However, if 8.53 fails to provide sufficient demand, there is also 8.48 that can prevent a deeper decline, but if this mark is broken as well, then there is a good chance the rate will move towards 7.74 (up-trend, monthly S3, and 200-day SMA).
© Dukascopy Bank SA
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