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Forex Market: USD/SEK daily forecast

During yesterday’s trading session USD/SEK traded within the range of 6.6715-6.7052 and closed at 6.6972.

At 6:21 GMT today USD/SEK was losing 0.01% for the day to trade at 6.6947. The pair touched a daily low at 6.6902 at 3:10 GMT.

Fundamental view

Sweden’s annualized index of consumer prices (CPI) probably decreased 0.1% in May, after being flat 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.

At the same time, nation’s annualized core CPI probably rose 0.4% last month, after adding 0.5% in April. 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

Screenshot from 2014-06-12 09:26:43

According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.7111, it will probably continue up to test 6.7250. In case the second key resistance is broken, the pair will probably attempt to advance to 6.7448.

If USD/SEK manages to breach the first key support at 6.6767, it will probably continue to slide and test 6.6576. With this second key support broken, the movement to the downside will probably continue to 6.6437.

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