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USDSEK 31 jul 2023

USDSEK 31 jul 2023 on the Daily Timeframe. It can be seen that this pair has managed to continue to experience a bullish trend since last week. Breaking through S1 towards R1 after previously moving sideways between S1 and S2. The pair is now at 10.54636 and looks set to continue strengthening. If the pair is able to break R1 towards R2 then go-long could be an option for traders. However, if we refer to the stochastic indicator where the pair’s chart is already in the saturated zone, then there is a possibility of a trend reversal due to overbought. If it does happen then go-short is an option. Keep an eye on the indications, be aware of market changes and trade with your own risk.

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