USD/SEK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is simultaneously trading in two channels against the Swedish Krona. On a larger scale the pair is in an ascending channel pattern. On a medium scale the pair trades in a descending channel, which is a representation of the pair's decline from the larger pattern's resistance line to its support line. However, the support line has already been reached, and the rate rebounded against it. Due to that it can be assumed that a new medium term pattern is in the making. In the meantime, SWFX market sentiment is not giving indications at the pair's future movements, as 42% of open positions are long. Meanwhile, 58% of traders are shorting the pair.
© Dukascopy Bank SA
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