USD/SEK 1D Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being well-supported by 6.33/6.27 area throughout 2013 and the first quarter of 2014, USD/SEK managed to reach and subsequently surpass the 2012 highs. However, there are signs the currency pair may be closing in to its top. Firstly, there is a high-quality rising wedge pattern emerging on the daily chart, suggesting there might be a reversal. Secondly, there is a divergence between the price and RSI, with the former posting new highs since the beginning of September and the latter grinding lower. Accordingly, there is an elevated chance of the trend-line at 7.43 to be soon violated, which is likely to lead to a sell-off to the Oct low at 7.11, and then to the 200-day SMA at 6.97.
© Dukascopy Bank SA
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