USD/SEK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK is currently trading within a well-established bearish channel. Accordingly, any rallies in the nearest future should be capped by the falling resistance line at 8.2050. If this is not the case, additional resistances are at 8.26 and 8.2950 represented by the Oct 9 high and 200-hour SMA, respectively. On the other hand, a dip through the August low at 8.1450 will reinforce our bearish bias, but there is likely to be an upward correction as soon as we get to 8.1085, where the pair will meet the lower boundary of the channel that is reinforced by the weekly S1 level. However, the SWFX traders are mostly optimistic with respect to the Dollar: 74% of them are currently long.
© Dukascopy Bank SA
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