USD/SEK 1H Chart: Short-term increase expected
The US Dollar has been depreciating against the Swedish Krona in a short-term descending channel since the middle of August. This gradual decrease in price began when the rate reversed from the upper boundary of a medium-term ascending channel at 9.2290.
The pair reversed from the lower boundary of the junior channel during Thursday's morning hours. The common scenario would be a surge towards the upper channel line located circa 9.0800. However, technical indicators suggest that this advance might not be immediate, as the pair is being pressured by the 55-, 100– and 200-hour SMAs.
Important level to look out for is the monthly PP at 9.0637.
The pair reversed from the lower boundary of the junior channel during Thursday's morning hours. The common scenario would be a surge towards the upper channel line located circa 9.0800. However, technical indicators suggest that this advance might not be immediate, as the pair is being pressured by the 55-, 100– and 200-hour SMAs.
Important level to look out for is the monthly PP at 9.0637.