USD/SEK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Not only does USD/SEK look bullish on the daily chart, but the short-term outlook appears to be positive as well. The currency pair has just confirmed the lower trend-line of the channel, meaning the next objective is the resistance at 8.96, which is reinforced by the daily R3 and weekly R1 levels. However, there is a notable obstacle at 8.8855, which might postpone a recovery. Meanwhile, a close beneath 8.7842 will likely mean a sell-off to the weekly pivot point at 8.72, and additional support is seen at 8.69 (daily S3 and 200-hour SMA). As for the longer-term perspective, the US Dollar is currently moving towards the 2009 high at 9.33.
© Dukascopy Bank SA
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Tue, 14 Apr 2015 13:19:05 GMT

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