USD/SEK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the USD/SEK pair also formed the channel up pattern, it tends to look more like the broadening rising wedge, as the trading range is expanding. Nevertheless, the pair is approaching the turning point, represented by the upper boundary at 7.4822. The closest resistance is located just below the trend-line, therefore the pair is expected to reach this level with ease. Technical indicators support the bullish action in the short and long-term, while daily ones are mostly mixed. At the same time, market participants suggest the US Dollar to lose value in the foreseeable future, as only 26% of traders hold long positions and 74% forecast the cross to decline.
© Dukascopy Bank SA
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