USD/SEK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK appears to be forming a bearish channel. This implies that the US Dollar is capped by the down-trend at 8.2750 and that the currency will target the lower boundary of the pattern at 8.1434, where we also have August's low. Even if the price closes above the red trend-line the bearish outlook will still not be invalidated. First, there is the 200-hour SMA at 8.2923. Secondly, and even more importantly, there is the down-trend line that connects Aug 7 and Sep 9 highs. However, the SWFX traders seem to reckon that USD/SEK is oversold and are thus strongly bullish, being that 71% of them prefer to be long the Greenback against the Swedish Krona.
© Dukascopy Bank SA
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