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Daily Forex Update: USD/SEK

Published 02/22/2012, 04:22 AM
Updated 03/09/2019, 08:30 AM
USD/SEK
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USD/SEK continues to fall after the recent completion of the Up Channel chart pattern identified by Autochartist on the 15-minute charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the strong Initial Trend (rated at the 8 bar level), above average Uniformity (6 bars) and higher Clarity (7 bars). This chart pattern continues the long-term overriding downtrend visible on the daily and the weekly USD/SEK charts. The sharp Initial Trend reflects the strength of the preceding downward price impulse from the major level of resistance 7.0000 (which had reversed the pair multiple times over the last few months, as is shown on the second chart below). USD/SEK is expected to fall further toward the Forecast Price 6.6206.

dailyfx1

The following daily USD/SEK chart shows the previous price action close to the strong resistance level 7.0000:

USDSEK

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