USD/SEK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Unusually long channel up pattern was created by the USD/SEK currency cross, as the pair started moving upwards in May of this year. Therefore, since then it managed to cover more than 650 bars. Meanwhile, after last touch of the upper boundary, the pair is still deciding, in which direction to develop further. During last three weeks the Greenback hovered in the range of 7.15-7.25. Technical studies assume such a trend to persist at least in the nearest future, as they send neutral signals, while in the long-term continuation of bullish tendency is possible. However, almost 58% of market participants suggesting the pair is preparing to lose value.
© Dukascopy Bank SA
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