Patterns: USD/SEK EUR/PLN
|USD/SEK 1H Chart: Bullish momentum likely
Upside risks prevailed in the market, thus sending the US Dollar 4.25% higher against the Swedish Krona. Half of these gains have erased since beginning of October, as the pair returned near 8.9000.
As apparent on the chart, the currency pair is trading in a short-term ascending channel. Given that the rate is supported by the 55-, 100– and 200-hour SMAs, it is likely that goes upside. Important resistance level to look out for is a combination of the Fibonacci 0.00% and the weekly R3 at 9.2487.
It is the unlikely case that some bearish pressure still prevails in the market, the US Dollar should not exceed the Fibonacci 23.60% retracement at 8.9134.
EUR/PLN 1H Chart: Symmetrical triangle in sight
The EUR/PLN currency pair has been trading in symmetrical triangle since the beginning of July. Also, the pair reversed from the upper pattern line located near 4.3282.
Given that currently the rate is pressured by the 55-, 100– and 200-hour SMAs, it is expected that the pair goes downside. A potential target is the lower triangle line located circa 4.2800. Technical indicators for the short term support bearish scenario.
If the pattern does not hold, a breakout south might follow. Important support level to look out for is a combination of the Fibonacci 50.00% retracement and the weekly S2 at 4.2738.
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