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