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Daily Forex Update: USD/SEK

Published 01/11/2013, 04:50 AM
Updated 03/09/2019, 08:30 AM
USD/SEK
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USD/SEK today broke the Clear Up Channel identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this chart pattern at the 7 bar level as a result of the strong Initial Trend (8 bars), above-average Uniformity (6 bars) and near-maximum Clarity (9 bars). This Up Channel Breakout is aligned with the prevailing downtrend that can be seen on the weekly USD/SEK charts. The top of this chart pattern (point B on the chart below) formed when the pair corrected down from the 38,2% Fibonacci Retracement of the previous sharp downward price impulse which previously broke the longer-term upward price channel from September. This Up Channel encloses the clear ABC correction to the aforementioned preceding downward price impulse. USD/SEK is expected to fall further toward the Forecast Price 6.4618.
USD/SKE
The following 4-hour USD/SEK chart shows the technical price levels mentioned above:
<span class=USD/SEK _1" title="USD/SEK _1" width="598" height="661">

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