USD/SEK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The rise by USD/SEK from a six-month of 6.357 hit in mid-March to the six-month high of 6.6274 lasted slightly more than a month ended April 21. During the climb, the currency couple started to develop more than a thousand pips wide channel up pattern.
Now the pair is locked by the 50-and 200-hour SMAs. According to the SWFX data, traders bet on appreciation of the pair in 71.43% of cases. If these expectations materialize, the pair is likely to test 6.5849/960 (four-hour PP, R1, R2, R3; daily PP) that will push the formidable resistance represented by the 50-hour SMA at 6.5974 to the fore.
© Dukascopy Bank SA
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