USD/SEK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been appreciating against the Swedish Krone since October 28; the advance started shortly after the formation of the rising wedge pattern commenced. The pair has touched the pattern's boundaries for five times already that resulted in 100% magnitude. Now the currency pair is faltering slightly below its 50-hour SMA that has been meandering above the pair for 15 consecutive hours thus acting as a strong resistance. In the pair manages to surpass this resistance as well as daily pivot point currently at 6.5781/818, it will target four-hour resistance zone at 6.5855/939, a jump above which may bring daily resistance at 6.5975 to the fore.
© Dukascopy Bank SA
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