USD/SEK 1H Chart: Greenback breaches wedge
USD/SEK is trading in two note-worthy patterns. The senior one is a descending channel which has confined the rate since late September.
Meanwhile, the pair is also trading in an ascending wedge. The given pattern was breached late on Wednesday when the US Dollar pushed it through the lower wedge boundary circa 8.15. The rate has since traded lower, but has nevertheless remained in a stable position circa the aforementioned area.
Technical indicators suggest that the rate should edge lower, setting the 8.10 mark near the 200-hour SMA and the weekly PP as a possible near-term target.
In general, the rate is expected to continue trading lower during the following weeks, thus approaching the lower channel boundary.
Meanwhile, the pair is also trading in an ascending wedge. The given pattern was breached late on Wednesday when the US Dollar pushed it through the lower wedge boundary circa 8.15. The rate has since traded lower, but has nevertheless remained in a stable position circa the aforementioned area.
Technical indicators suggest that the rate should edge lower, setting the 8.10 mark near the 200-hour SMA and the weekly PP as a possible near-term target.
In general, the rate is expected to continue trading lower during the following weeks, thus approaching the lower channel boundary.