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USD/SEK Turns Down at a Good Level

USD/SEK Turns Down at a Good Level

Jamie Saettele, CMT, Sr. Technical Strategist

I don't think that the USD is ready to accept its beating just yet but the USD/SEK chart screams high reward/risk on the short side. The underside of former trendline support has provided resistance the last 2 weeks and a key reversal formed yesterday (2/22) following a poke above the 1/19 high. Worth a shot.

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