USD/SEK 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a falling wedge pattern against the Swedish Krona, as the currency exchange rate has rebounded against the pattern's lower trend line, and it is fluctuating near it around the level of 8.4700. It is possible that the pair will test the lower trend line at 8.4500 once again. However, the pattern's support line is supported by the weekly S1 at 8.4572. As the rate moves northward it has no major resistances in its way until it will meet the 55 and 20000-hour SMAs, which at the moment are respectively located at 8.5173 and 8.5281. Aggregate technical indicators support such movement, as in the next four hours the rate is forecasted to fall and rise again afterwards for the rest of the day.
© Dukascopy Bank SA
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