USD/SEK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Throughout the most recent 100 hours USD/SEK has been unable to surpass the rising trend-line (currently at 6.6250), nor the currency pair was willing to fall beneath the lower boundary of the bullish corridor (currently at 6.5086). Accordingly, the outlook on the price is positive, although in the near term it is likely to be undergoing a bearish correction, considering there has just been a test of the upper pattern's edge. However, the technical indicators on hourly and 4H charts are suggesting a different scenario, namely that the pair will continue moving towards the daily R1 at 6.6510.

© Dukascopy Bank SA
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