USD/SEK 1H Chart: Pair diminishes trading range
The US Dollar has been trading in an ascending channel against the Swedish Krona since the beginning of 2018. The pair has appreciated 7.44% since its 2018 low of 7.8233, thus breaching the senior channel on March 28.
The Greenback continues to diminish its trading range and move in line with the wedge. The most recent test of its upper boundary occurred late on Friday when the rate reversed from the 8.48 mark.
It is likely that the given pattern is respected during the following trading days, thus setting the bottom wedge line circa 8.36 as a near-term target. A breakout to the downside might occur at this level. Nevertheless, this decline below 8.39 could be briefly hindered by the 100– and 200-hour SMAs.
The Greenback continues to diminish its trading range and move in line with the wedge. The most recent test of its upper boundary occurred late on Friday when the rate reversed from the 8.48 mark.
It is likely that the given pattern is respected during the following trading days, thus setting the bottom wedge line circa 8.36 as a near-term target. A breakout to the downside might occur at this level. Nevertheless, this decline below 8.39 could be briefly hindered by the 100– and 200-hour SMAs.