FX.co ★ The USD/SEK candlestick analysis for 08/10/2010

The USD/SEK currency pair continues to trade in a downtrend. Earlier on a 4-hour chart, the USD/SEK had formed a combination of candlesticks Bearish Engulfing, thus signaling about the decline. This candlestick emerged after the currency pair rolled back to the upper limit of the downtrend. However, the bears started to increase their influence near 6.9240.
Further decrease confirms this viewpoint. The breach of October low 2009 - 6.7472 will target the currency pair to 6.4420.
If the resistance level of 6.7927 is overcome then short positions should be closed, as it will denote that the downside trend is broken through.