USD/SEK continues to rise after the recent completion of the Ascending Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated by Autochartist at the 6 bar level as a result of the following values of the individual contributing Quality indicators: 6-bar Initial Trend, 5-bar Uniformity and 7-bar Clarity. This chart pattern continues the sharp preceding daily upward price impulse from the strong support at the round price level 6.0000. The pair has recently broken up the upper resistance trendline of this chart pattern with the Breakout, whose strength is measured at the maximum 10 bar level. USD/SEK is expected to rise further in the direction of the Forecast Price 6.8946.
As can be seen from the following 4-hour Key Level chart for USD/SEK, the Breakout of the above Ascending Triangle coincided with the Breakout through the longer-term horizontal resistance level 6.8406 (the length of this level is equal to 206 candles). This heightens the likelihood that this currency pair will continue to rise in the nearest time.
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Daily Forex Update: USD/SEK
Published 03/15/2012, 07:37 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/SEK
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