Forex Market: USD/SEK daily forecast

During yesterday’s trading session USD/SEK traded within the range of 6.4679-6.5266 and closed at 6.4834.

At 6:31 GMT today USD/SEK was gaining 0.07% for the day to trade at 6.4873. The pair touched a daily high at 6.4908 at 5:15 GMT.

Fundamental view

Swedens annualized index of consumer prices (CPI) probably fell 0.3% in March, following a 0.2% drop in February. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends. Nations annualized core CPI probably advanced to 0.5% last month from 0.4% in February. Lower than expected CPI would have a bearish effect on the krone. Statistics Sweden is to release the official report at 7:30 GMT.

Meanwhile, the number of people in the United States, who filed for unemployment assistance for the first time during the week ended on April 5th, probably decreased to 320 000 from 326 000 in the prior week. In case the number of initial jobless claims fell more than projected, this would have a bullish effect on the greenback. The Department of Labor is to release the weekly report at 12:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.5175, it will probably continue up to test 6.5513. In case the second key resistance is broken, the pair will probably attempt to advance to 6.5761.

If USD/SEK manages to breach the first key support at 6.4586, 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 6.4000.