USD/SEK 4H Chart: Channel up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar started a channel up pattern on the four hour chart against the Swedish Krona on May 1. At the moment, the currency exchange rate is at the middle of the pattern around the level of 8.3500 and on its way up to the upper pattern's trend line at 8.5300. However, the pair faces three more resistances on its way to the trend line, as first it faces the weekly R1 at 8.3931, and further on are located the weekly R2 at 8.4688 and monthly R1 at 8.5146. The rate's movement is also supported by various supports below, which are located from 8.2623 to 8.2042, and the cluster is made up from all of the SMAs, weekly and monthly PP. In addition, the upwards movement is supported by the fact that 65% of SWFX traders have open short positions on the pair.
© Dukascopy Bank SA
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Fri, 17 Jun 2016 13:00:06 GMT

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