USD/SEK 4H Chart: Channel Down

The current situation in the market predisposes USD/SEK to extend the down-trend we have been observing for the past two weeks, following a failure of the rally to rise beyond the December highs at 6.62. Moreover, the long-term moving average is presently above the spot price, hardening the case that the bias towards the U.S. Dollar is bearish. Nevertheless, we should recognise firmness of the support at 6.4074, which has recently halted a sell-off from the falling resistance at 6.5191. Traders also seem to be aware of the strength of the nearby supports, being that as many as 71% of them are planning to profit from the buck's appreciation relative to the Swedish Krona.