USD/SEK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The greenback is losing ground versus other currencies amid fiscal and political uncertainties in the country and it has formed a channel down pattern against the Swedish Krona. Despite a recent false breakout, the pair is still channelling downwards, and according to indicators on a weekly chart, the tendency will persist in a long term. Even though indicators on a 4H and daily charts are neutral, 73% of all opened positions are long, suggesting the pair can inch higher in the nearest future. Therefore, long traders could focus on daily resistance and Bollinger band at 6.3978, while just 200 pips higher is located a 200-bar SMA, which will pose certain difficulties for bulls to push the pair higher.
© Dukascopy Bank SA
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