EUR/SEK 1H Chart: Channel Up
Comment: EUR/SEK has recently confirmed formidable resistance at 9.45 (October high), but there is still a high chance the Euro will keep gaining ground. The currency pair is expected to stabilise near the lower boundary of the emerging channel at 9.43/9.42 and resume the rally. Once above 9.45, the next target will be the weekly R1 at 9.51, with potential to test the September high at 9.53. On the other hand, if the pattern is broken to the downside, support might be found at 9.39 (weekly PP), though we should not rule out a deeper sell-off, down to 9.34, where the daily S3 meets the 200-hour SMA. In the meantime, the Euro is oversold, being that 73 of open positions are short.
USD/PLN 1H Chart: Channel Down
Comment: USD/PLN is set to decline from the current levels. The pair has just hit the upper edge of the descending channel, meaning we are likely to see a slide down to 3.89 during the next few days. There the Dollar should encounter the lower trend-line and the weekly S1, which will trigger buying and therefore a bullish correction.
However, if this is not the case and the price closes above the falling line at 3.69, the rally will probably extend up to the weekly pivot point at 4 zloty. Additional significant resistance is at 4.0350, represented by the long-term moving average. Meanwhile, the sentiment is neutral in the SWFX market—46% of positions are long and 54% are short.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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