USD/SEK 1H Chart: Upper range line reached
The US Dollar has been stranded in the 8.5675/8.9835 range since late April. Its southern boundary and the senior channel were tested mid-June. This move was followed by the Greenback initiating a new up-wave and reaching the 161.80% Fibonacci expansion line at 8.95 yesterday.
Given that the pair has reached the upper range boundary, it is likely that bears start to pressure the rate and thus push it lower. This assumption is likewise strengthened by the fact that the rate has breached the dashed short-term trend-line.
The base scenario favours the weakening of the strong upside momentum and a soon decline down to the 55-, 100– and 200-period (4H) SMAs or the other range line at 8.75 and 8.5675, respectively.
Given that the pair has reached the upper range boundary, it is likely that bears start to pressure the rate and thus push it lower. This assumption is likewise strengthened by the fact that the rate has breached the dashed short-term trend-line.
The base scenario favours the weakening of the strong upside momentum and a soon decline down to the 55-, 100– and 200-period (4H) SMAs or the other range line at 8.75 and 8.5675, respectively.
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