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Daily Forex Update: USD/SEK

Published 07/31/2012, 04:28 AM
Updated 03/09/2019, 08:30 AM
USD/SEK
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GUID
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USD/SEK continues to fall after it recently broke down through the Key Support Level 6.8696 identified by Autochartist on the 4-hour charts. The Significance of this Key Level is rated at the 3 bar level. This breakout continues the recent sharp daily downward price impulse from the powerful Fibonacci cluster made out of the 61,8% Fibonacci Retracement of the preceding sharp weekly downward price impulse from the middle of the 2010 as well as the 38,2% Fibonacci Retracement of the longer-term preceding downward price trend from the start of 2009. The breakout of this Key Level led to the subsequent breakout of the support trendline of the upward correction from the middle of 2012 (as is shown on the second chart below). The pair is expected to fall further toward the Forecast Price 6.7056 in the nearest time.
Dailyfx 1
The weekly USD/SEK chart below shows the technical price levels mentioned above:
<span class=USD/SEK" title="USD/SEK" width="598" height="596">

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