USD/SEK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the Swedish Krona in the short term in a descending channel pattern, as the currency exchange rate approaches a larger scale pattern's support line. The long term pattern is an ascending channel. At the moment, the currency pair is being stopped from falling by the 100 and 200-period SMAs together with the weekly PP around the level of 8.48. In accordance with both pattern's the currency exchange rate is set to keep bouncing near the channel down pattern's upper trend line until it will reach the larger pattern's support line. There the short term pattern would be broken, and the rate would rebound against the ascending channel's lower trend line.
© Dukascopy Bank SA
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