USD/SEK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK bottomed out at 6.3130 late in October, and since then the currency pair has been moving north, breaking resistances one by one. Right now the price is undergoing a bearish correction after hitting the resistance level at 6.7061; however, given that USD/SEK is currently closing in on the support at 6.5953, there is a high probability that the decline will soon be stopped, giving way for a development of a rally. In the meantime, it does not appear that the SWFX market is convinced that the up-trend support line will be able to negate the selling pressure together with the 200-hour SMA and the daily S3—73% of them are short on the pair.
© Dukascopy Bank SA
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