USD/SEK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has been strengthening across the board lately, and as a result has formed several well-defined bullish channels in different major pairs. In case of USD/SEK, however, the Greenback is currently struggling to overcome resistance at 8.5257, represented by the August 26 high. Accordingly, we expect a sell-off from here, but the losses should be limited by the rising support trend-line at 8.45, where from the price is expected to start a recovery to the upper edge of the pattern at 8.60 (also Aug 19 high). At the same time, the rally is implied by the hourly and four-hour technical indicators. The SWFX sentiment is bullish, as 64% of open positions are long.
© Dukascopy Bank SA
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