The USDSEK has developed a bullish pennant pattern.

The USDSEK is not a currency pair that Forex Analytix commonly follows, but at times it is worth noting. Sometimes the USDSEK is viewed as a “Canary in the Coalmine” for the US Dollar index as it is contained in the basket of currencies included that make up the US Dollar Index (DXY). At the moment the pair is trading at the upper end (or downtrend line) of a bullish pennant, and a breakout higher may signal other US Dollar pairs may be ready to move as well.

USDSEK Pennant

Blake Morrow