Forex Market: USD/SEK daily forecast

During yesterday’s trading session USD/SEK traded within the range of 6.5219-6.5929 and closed at 6.5469.

At 6:22 GMT today USD/SEK was losing 0.11% for the day to trade at 6.5414. The pair touched a daily low at 6.5370 at 6:05 GMT.

Fundamental view

United States

Home values in 20 large cities throughout the United States probably rose at an annualized rate of 12.94% in February, preliminary estimates showed. In January, home prices climbed at a rate of 13.34%. S&P/Case-Shiller will release the official rate at 14:00 GMT.

In addition, confidence among US consumers probably improved in April. The corresponding index probably rose to a reading of 83.0 from 82.3 in March, which was the strongest since January 2008. The Conference Board research group is to announce the results from its survey, encompassing over 5 000 households in the country, at 14:00 GMT. If the gauge of confidence shows a better than expected performance, this would certainly heighten the appeal of the US dollar.

Sweden

Consumer confidence in Sweden probably improved to 101.1 in April from 99.6 in the previous month.

The index is based on a monthly survey of households in Sweden. Its purpose is to make a quick qualitative assessment of the plans of households connected to the purchase of new products by exploring the economic situation in Sweden and the state of personal finances. People are also share their expectations about inflation and savings. Data from the survey include the so-called net rates or data showing the difference between positive and negative minded households.

At 7:00 GMT, Statistics Sweden is expected to release data on the nation’s consumer confidence index for April. In case consumer confidence improves more than expected, this would heighten the appeal of the Swedish krona.

Technical view

According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.5859, it will probably continue up to test 6.6249. In case the second key resistance is broken, the pair will probably attempt to advance to 6.6569.

If USD/SEK manages to breach the first key support at 6.5147, it will probably continue to slide and test 6.4829. With this second key support broken, the movement to the downside will probably continue to 6.4439.