Patterns: USD/SEK, EUR/GBP
|USD/SEK trades sideways
Since October 20, the USD/SEK currency exchange rate has been trading between the resistance of the 8.6230/8.6290 zone and the support of 8.5035/8.5100. Future scenarios were based upon whether or not the rate passes the support zone or breaks resistance.
A surge that would break the resistance zone of 8.6230/8.6290 zone could reach the 200-four hour simple moving average at 8.6550. Above the SMA, the rate might reach for the October high-level zone at 8.7900/8.8275.
On the other hand, a decline below the 8.5035/8.5100 zone might find support at 8.4500, at the late June high and low-level zone. Namely, the 8.4500 mark slowed down a surgeon June 16 and 17, and afterward, reversed a decline of the rate on June 24-28.
EUR/GBP approaches support levels
On November 5 and 8, the EUR/GBP currency exchange rate bounced off a resistance zone at 0.8585/0.8595. The decline is attributed to the fact that the zone that surrounds the 0.8600 mark has been impacting the rate throughout the last half-year.
The target for the decline was the combination of the 0.8510/0.8513 zone and the 50 and 200-four hour simple moving averages. Moreover, the 0.8500 mark might act as a support level.
Recovery from the mentioned support levels could once again test the resistance near the 0.8600 mark. Above the 0.8600 level, the upper trend line of a large channel down pattern might provide resistance. The channel captures the rate's movements since February 2021.
A passing of the support levels near 0.8500 might reach the October low-level zone at 0.8405/0.8420. However, take into account that the 0.8450 round exchange rate level might act as support.
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