During yesterday’s trading session NOK/SEK traded within the range of 1.1066-1.1148 and closed at 1.1096.
At 6:44 GMT today NOK/SEK was adding 0.06% for the day to trade at 1.1094. The pair touched a daily high at 1.1101 at 5:05 GMT.
Fundamental view
Sweden’s annualized index of consumer prices (CPI) probably rose 0.3% in April, after registering remaining unchanged in the previous month. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends. Nation’s annualized core CPI probably declined by 0.1% last month, after losing 0.6% in March. Lower than expected CPI would have a bearish effect on the krone.
Statistics Sweden is to release the official report at 7:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case NOK/SEK manages to breach the first resistance level at 1.1141, it will probably continue up to test 1.1185. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1223.
If NOK/SEK manages to breach the first key support at 1.1059, it will probably continue to slide and test 1.1021. With this second key support broken, the movement to the downside will probably continue to 1.0977.
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