Dukascopy

USD/SEK 1H Chart: Pair guided by bearish patterns

FX:USDSEK   U.S. Dollar / Swedish Krona
USD/SEK             was dominated by an ascending channel in force since late August. This long-term pattern was breached mid-December, thus following by a period of decline down to the 8.13 mark.

This bearish momentum has allayed during the previous week; nevertheless, the pair still remains tended slightly southwards. The Greenback managed to breach the combined resistance of the 55– and 100-hour SMAs early today. Technical indicators favour further fall within this session and even beyond. Thus, it is likely that the given currency halts near the 200-hour SMA and re-tests the aforementioned shorter-term moving averages.

By and large, the senior channel is expected to hold, thus guiding the pair within the following week or two.
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