USD/SEK 1H Chart: Breached long-term pattern
Following an eight-month period of depreciation in a descending channel, the US Dollar began a new up-wave late in August. This bullish sentiment proved to be stronger, thus setting the pair for a breakout of this long-term pattern. Currently, two channels up are dominating the market.
The Greenback has been testing a three-month high of 8.4050 for several trading sessions. Its failure to move above this line suggests that the pair might be ready to form a retracement from the aforementioned long-term channel. However, the rate being pressured by the 55– and 100-hour SMAs might hinder any immediate movement south.
As a result, it could continue its consolidation phase in this session prior to edging lower next week.
The Greenback has been testing a three-month high of 8.4050 for several trading sessions. Its failure to move above this line suggests that the pair might be ready to form a retracement from the aforementioned long-term channel. However, the rate being pressured by the 55– and 100-hour SMAs might hinder any immediate movement south.
As a result, it could continue its consolidation phase in this session prior to edging lower next week.
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