Dukascopy Bank Team
Dukascopy Bank SA
EUR/SEK 1H Chart: Short-term decline expected
The EUR/SEK currency pair has been trading within a descending channel since the beginning of July.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given channel in the nearest future. In this case the rate could decline to the 10.30 by the end of current month.
Meanwhile, note that the currency pair could gain support from the monthly S1 and the Fibo 38.20% in the 10.34 area. If the given support holds, it is likely that a reversal north could occur, and the pair could target the 10.60 level.
USD/SEK 1H Chart: Descending channel in sight
The USD/SEK exchange rate has been declining within a descending channel since the beginning of July.
From a theoretical perspective, it is likely that the currency pair could continue to tumble within the given channel in the medium term. It is likely that that the pair could decline below 9.0000 by the end of July.
Meanwhile, note that the exchange rate would have to surpass the support formed by the monthly S1 and the Fibo 50.00% at 9.1518. If the given support holds, it is likely that a reversal north could occur, and the rate target the Fibo 38.20% at 9.4643.
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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