Sunday 31 January 2010

USDSEK - Further evidence of USD strength to come


Above is a weekly chart of USDSEK. I have detailed what I see as a weekly diamond formation which typically leads to sharp counter moves. With stock markets likley in a corrective phase, this bodes well for further dollar gains over time. Initial targets, as detailed on the chart image are, 7.7390 and then 8.0430. Please note this is a weekly chart so things may take time to evolve, if indeed I am right!

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