USD/SEK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After falling down to 6.4082 at the end of the last year USD/SEK commenced a recovery. Since then fluctuations of the price have been contained by two up-trend lines, meaning there is a channel up pattern currently emerging on the chart.
However, we must note that right now there is a significant risk of the pair breaking out of the pattern to the downside—the support at 6.5187 is nearly breached. If this is the case, the bullish outlook may be saved by the additional demand area at 6.5020—it is created by the daily S1 and the 200-hour SMA. Then the rate will be expected to head towards the upper boundary of the channel at 6.5859.

© Dukascopy Bank SA
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