USDSEK (1H) - short term bearish bias
The US dollar is making another attempt at the previous high of 9.4100 in what looks like a horizontal consolidation pattern. The RSI divergence suggests that the bearish momentum has slowed down, especially after the indicator penetrated the over-sold area. The recovery may have prompted some profit-taking but market sentiment remains bearish and we could expect a continuation to the downside when the price drops below the immediate support of 9.3350.
Key support: 9.3350
Key resistance: 9.4100
The US dollar is making another attempt at the previous high of 9.4100 in what looks like a horizontal consolidation pattern. The RSI divergence suggests that the bearish momentum has slowed down, especially after the indicator penetrated the over-sold area. The recovery may have prompted some profit-taking but market sentiment remains bearish and we could expect a continuation to the downside when the price drops below the immediate support of 9.3350.
Key support: 9.3350
Key resistance: 9.4100