USD/SEK 1H Chart: Channel Up

Starting from Mar 18 USD/SEK has been in an up-trend, which later on developed into an upward-sloping channel. And even though on Mar 20 the currency pair did escape the boundaries of the pattern for a brief moment, eventually the break-out proved to be false and the price continued to respect the parallel rising trend-lines thereafter. Consequently, the bias towards USD/SEK is bullish.

However, the near term is likely to be associated with considerable downside risks, since the exchange rate has just touched upon the upper edge of the corridor, meaning that the support at 6.4252 may become the next target.