USD/SEK 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has been moving upwards starting from May; moreover, it managed to form a bullish pattern in the recent weeks. USD/SEK is gradually moving towards the 7.70 level; however, to reach it the pair will have to face several strong resistance levels. Nevertheless, with the bullish 4H and daily technical studies it could be more realistic. At the same time, the market participants are starting to lose their conviction that the pair is undervalued, since it has performed already that well lately. In case the Greenback breaches the monthly R2 at 7.57 then the previously mentioned 7.70 level becomes the target.
© Dukascopy Bank SA
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