USD/SEK 1H Chart: Bullish in short term
USD/SEK has been guided by two opposing channels. The most senior pattern was formed in December 2016, while the junior one has bounded the rate within the bounds of this aforementioned senior channel. The most recent up-wave started late in January when the Greenback reversed from the 7.80 mark.
The pair tested the upper boundary of the senior channel near 8.9025 during the first week of May. It has since edged lower but nevertheless remained near this long-term pattern.
Technical indicators flash bullish signals in the short term. It means that the rate is likely to re-test the senior channel at 8.9025 this week. This level is likewise strengthened by the weekly R2 and the monthly R1. The outlook in the medium term, however, remains bearish, showing that the senior channel is likely to be respected.
The pair tested the upper boundary of the senior channel near 8.9025 during the first week of May. It has since edged lower but nevertheless remained near this long-term pattern.
Technical indicators flash bullish signals in the short term. It means that the rate is likely to re-test the senior channel at 8.9025 this week. This level is likewise strengthened by the weekly R2 and the monthly R1. The outlook in the medium term, however, remains bearish, showing that the senior channel is likely to be respected.