Forex Market: USD/SEK daily outlook

During yesterday’s trading session USD/SEK traded within the range of 6.4548-6.4905 and closed at 6.4786.

At 7:17 GMT today USD/SEK was losing 0.07% for the day to trade at 6.4741. The pair touched a daily low at 6.4732 at 7:17 GMT.

Fundamental view

Swedens index of retail sales, based on a survey of companies specialized in retail trade, probably rose 0.5% in February compared to January, according to preliminary estimates. In January compared to December the gauge climbed 0.3%. Higher than anticipated sales would certainly support the krone. The official result is expected to be released at 8:30 GMT.

Meanwhile, personal income in the United States probably increased at a monthly pace of 0.3% during February, or at the same pace as a month ago. Personal spending probably rose 0.3% as well last month, following another 0.4% increase in January. The official data is expected at 12:30 GMT.

At 13:55 GMT Thomson Reuters in cooperation with the University of Michigan will probably report that the final reading of their gauge of consumer confidence (based on 100% of results in the survey) probably was 80.5 this month, as the preliminary reading was announced at 79.9 on March 14th.

Technical view

According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.4947, it will probably continue up to test 6.5103. In case the second key resistance is broken, the pair will probably attempt to advance to 6.5302.

If USD/SEK manages to breach the first key support at 6.4588, it will probably continue to slide and test 6.4389. With this second key support broken, the movement to the downside will probably continue to 6.4231.