We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • The Sterling extends its recent rally with spot $GBPUSD briefly topping the 1.3000 handle. Get your market update from @RichDvorakFX here: https://t.co/npXT9wfyk4 https://t.co/TRYp5RHWVw
  • British MPs to vote on PM Boris Johnson's #Brexit bill Tuesday 7PM local UK time $GBP #MeaningfulVote
  • The Government has published the EU Withdrawal Agreement Bill which will be debated by members of parliament tomorrow according to Sky $GBPUSD
  • Canadian Dollar Price Outlook: USD/CAD Nearing Confluent Support Zone https://www.dailyfx.com/forex/fundamental/article/drivers_of_price_action/2019/10/21/canadian-dollar-price-outlook-usd-cad-nearing-confluent-support-zone-js53-cad-chart.html https://t.co/2V03DZZeVE
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.03% Oil - US Crude: 0.00% Gold: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HZO5HK4CR4
  • $CAD notably firmer on election day with USD/CAD briefly dipping below the July 31st low (1.3105). Get your market update from @JMcQueenFX here: https://t.co/gXSBZURclY https://t.co/UBbam5SlMj
  • "Japanification is the logical consequence of the wrong application of mainstream macroeconomics." "What is worse is that prolonged monetary easing tends to lower productivity growth by keeping inefficient businesses alive" $JPY $USD $EUR $AUD
  • Central banks adopting wrong lessons from 'Japanification' - former BoJ Governor Shirakawa "I am puzzled by the spread of this Japanification. Have Western economists and policymakers not learned the lessons for avoiding it from Japan's own experience?" https://t.co/ozCG12Lyjp
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.98%, while traders in Germany 30 are at opposite extremes with 76.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gPJhm7FUS6
  • Trading #gold is much like trading #forex if you use a spread-betting platform. Get your gold trading tips and strategies from @MartinSEssex here: https://t.co/giIfn02RQC https://t.co/MsNMzcCOrQ
USDSEK Technincal Analysis: Pair Approaching Key Resistance

USDSEK Technincal Analysis: Pair Approaching Key Resistance

2019-04-05 02:15:00
Dimitri Zabelin, Junior Currency Analyst
Share:

USD/SEK TECHNICAL ANALYSIS

  • USD/SEK edging toward key resistance at 9.3110
  • Breach with follow through may result in bullish spike
  • US NFP data may cause short-term volatility ahead

See our free guide to learn how to use economic news in your trading strategy!

USD/SEK is approaching a key psychological barrier at 9.3110, which if broken and confirmed with follow-through could result in a price spike as traders’ confidence in the pair’s bullish momentum is solidified. Since breaking through the upward-sloping January 2019 support area, the pair appears to have now found a new incline guiding in from March. This support will be tested as the pair approaches the psychological milestone at 9.3110.

If March support holds and the pair climb through 9.3110, it will signal that its upward trajectory is stronger than the selling pressure associated with upcoming resistance. To receive updates on the Swedish Krona’s price action, you may follow me on Twitter at @ZabelinDimitri.

USD/SEK – Daily Chart

Chart Showing USDSEK

Short-term volatility from the upcoming US non-farm payroll data may rattle the chart formation and could cause violent swings in the pair in either direction, though it is unlikely to alter the broader uptrend the pair has seen since the start of 2018. The default for the pair appears to be bullish despite small retreats and congestions it has experienced along the way.

USDSEK – Daily Chart

USDSEK Chart

FX TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.