Dukascopy Bank Team
Dukascopy Bank SA
USD/SEK 1H Chart: Channel Up
Comment: USD/SEK is in an up-trend since mid-March of 2014, and the bullish momentum does not seem to be exhausted just yet. The bias toward the pair in the short run is positive as well, being that the Buck is currently testing the lower boundary of the upward-sloping channel and a majority of the technical indicators is pointing north.
The exchange rate is expected to rise through the nearby resistances until it reaches the upper trend-line that managed to stop a massive sell-off of the Swedish Krona on Feb 12. However, if demand at 8.40 fails to underpin the price, there is strong support at 8.3318, consisting of the weekly PP and 200-hour SMA.
EUR/CAD 1H Chart: Channel Up
Comment: After breaking out of the falling wedge to the upside EUR/CAD has formed a bullish channel, meaning the Euro intends to travel further north, also considering the technical studies. The currency pair has recently confirmed support at 1.42, and it is thus headed toward the resistance trend-line. However, there are a few significant obstacles in the way of a rally. There is a combination of the daily R1 and Feb 11 high at 1.4342, followed by the weekly R1 level at 1.4405. At the same time, immediate support is at 1.4254 (daily and weekly PP), with the long-term SMA and up-trend at 1.4234.
The SWFX sentiment is bearish, 62% of open positions 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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