During yesterday’s trading session USD/SEK traded within the range of 6.4665-6.5161 and closed at 6.4681.
At 6:41 GMT today USD/SEK was losing 0.28% for the day to trade at 6.4517. The pair broke the first key support level and touched a daily low at 6.4421 at 6:30 GMT.
Fundamental view
At 14:45 GMT Markit Economics will announce the final reading of its manufacturing PMI for the United States. The index probably improved to 56.3 last month, while the preliminary value was at 55.5. This final data usually comes out one week after the release of the preliminary result.
At 15:00 GMT the Institute for Supply Management (ISM) is to report on manufacturing activity in the country. According to experts estimates, the gauge of manufacturing probably increased to 54.0 in March from 53.2 in February. Values above 50.0 signify increased activity. In case market expectations are exceeded, the US dollar will receive support.
Technical view
According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.5006, it will probably continue up to test 6.5332. In case the second key resistance is broken, the pair will probably attempt to advance to 6.5502.
If USD/SEK manages to breach the first key support at 6.4510, it will probably continue to slide and test 6.4339. With this second key support broken, the movement to the downside will probably continue to 6.4014.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
