USD/SEK 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For more than a month, 200-bar SMA was blocking any upside movements of USD/SEK, forcing the pair to retreat every time it attempted to approach this psychological level.
It seems unlikely for the pair to overcome its 200-bar SMA at 6.5284 in the days to come, and USD/SEK may continue to swing not far away from 6.4722 (daily S1). If it slid through this level, a six-week low is likely to be in place, bringing into the picture the level of 6.4577/361 (pattern's support; daily S2) that may act as a defence against a decline towards the last support level at 6.4030 (daily S3) capable to prevent a deep sell-off.
© Dukascopy Bank SA
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