We have recently identified the horizontal Resistance Key Level 7.2756 (of the type Approach) on the 30-minute USD/SEK charts. We rate the Significance of this resistance level at the 5 bar level. The pair is set to advance toward this resistance level in the nearest time – continuing the predominant uptrend visible on the daily USD/SEK charts, which started in the April of last year when the pair reversed up from the major support at the round price level 6.000 (which had earlier reversed the strong downtrend in the middle of the 2008). The pair had previously broken up through the long-term resistance trendline from the March of 2009 and then most recently – through the powerful resistance at 7.0000, which accelerated the current uptrend, as is shown on the second chart below.
The following weekly USD/SEK chart shows the longer-term picture of this currency pair’s movement:
USD/SEK" title="USD/SEK" width="594" height="680">