USD/SEK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback came under intense bearish pressure in the beginning of June, when the USD/SEK pair neared the upper boundary of the channel down pattern. Since then the US Dollar has been constantly losing value and has just recently penetrated the monthly S1. This event increases the risk of bears pushing the pair even lower. Moreover, 55-period SMA has just crossed the 200-period SMA on a 4H chart, and this fact strengthens the case for the American currency to depreciate in the foreseeable future, at least until the moment the lower edge is reached at 7.94. On the other hand, 63% of SWFX traders believe the US Dollar is going to outperform the Swedish Krona.
© Dukascopy Bank SA
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