The market is ready for a sharp move
The price movement on USD/SEK chart, after some strong moves, has been limited to a low range market. The price line is on a strong resistance and ready for a sharp move. There is no clear buy or sell signal issued by any of the indicators. The next move of the price looks to be sharp.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The resistance level lays on 8.5 – 8.538. the price right now is just above the resistance level. As it seems, an ascending channel is about to be formed. The current support and resistance levels close to the price are of high value and breaking out of any, can be followed by a strong sharp wave. In case the price breaks above the resistance, buyers can be expecting to see the price at 8.8 which is the next strong resistance level. On the other hand, in case the price breaks below the support level at 8.5, sellers can be expecting a strong resistance wave; the target of the wave can be around 8.25. please note that before breaking above or below the resistance, opening a trade is not recommended.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.