FX.co ★ USD/SEK candlestick analysis for 01/10/2010

USD/SEK continues to trade down. Earlier on a 4-hour chart, USD/SEK has formed the combination of candlesticks Bearish Engulfing, thus signaling the downside movement. This candlestick shaped after the currency pair rolled back to the upper limit of the downtrend. However, near 6.9240 the bears stared to increase their influence.
The further decline confirms this viewpoint. The breakthrough of 6.7472 will set a target to 6.4420 for the currency pair.
It should be mentioned if the resistance level of 6.9240 is breached, then short positions should be cut as it will denote the breakthrough of the downside trend.