USD/SEK Technical Analysis: At crossroads

• The USD/SEK pair has charted a descending triangle on the daily chart. A bull breakout, if confirmed, would signal a continuation of the rally from the July 31 low of 8.7345 and would allow a test of supply around the Aug. 15 high of 9.2468.
• On the other hand, a downside break of the descending triangle would confirm a bearish trend reversal and could yield a drop to 8.9302 (61.8% Fib R of 7.8345/9.2468).

Daily Chart

Spot Rate: 9.0563

Daily High: 9.0755

Daily Low: 9.0387

Trend: Neutral, awaits a decisive move

Resistance

R1: 9.1212 (Friday’s high)

R2: 9.1417 (Descending triangle hurdle)

R3: 9.1881 (Aug. 29 high)

Support

S1: 9.0303 (Friday’s low + triangle support)

S2: 8.99 (50% Fib R of 7.8345/9.2468)

S3: 8.9582 (50-day moving average)