USD/SEK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has been on a up-trend already since March, when it dipped below 6.40 level. However, more recently at the beginning of August USD/SEK started to form a rising wedge pattern.
Lately, the pair has been hovering around the upper boundary of the pattern, thus putting a pressure on it. Moreover, since the currency pair is starting to enter relatively narrow trading range a break-out could be expected. An overwhelming majority (70.68%) of the SWFX traders think that the pair already is overbought and a further advance is not likely. Thus, movements around the weekly R2 at 7.2385 could be critical and if its not breached then the 7.12 level becomes the target.
© Dukascopy Bank SA
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