The USD/SEK currency pair has been trading upwards since the end of June when it reversed north from the lower boundary of the long-term ascending channel located circa 9.2530.
From a theoretical point of view, it is expected, that the exchange rate could maintain its growth. In this case, the rate would have to surpass the resistance level formed by the monthly R1 at the 9.4883.
Also, note, that the pair is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 9.3745/9.4088 range. Thus, the rate could make a reversal south to re-test the lower channel line. If the given channel does not hold, it is likely, that the pair could decline to the 9.2500 level.
