During Friday’s trading session USD/SEK traded within the range of 6.6392-6.6951 and closed at 6.6883.
At 6:14 GMT today USD/SEK was losing 0.05% for the day to trade at 6.6852. The pair touched a daily low at 6.6800 at 6:10 GMT.
Fundamental view
At 14:00 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 55.4 last month from 54.9 in April. 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 6.7092, it will probably continue up to test 6.7301. In case the second key resistance is broken, the pair will probably attempt to advance to 6.7651.
If USD/SEK manages to breach the first key support at 6.6533, it will probably continue to slide and test 6.6183. With this second key support broken, the movement to the downside will probably continue to 6.5974.
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