Forex Market: USD/SEK daily forecast

During yesterday’s trading session USD/SEK traded within the range of 6.7214-6.7675 and closed at 6.7368.

At 6:48 GMT today USD/SEK was losing 0.09% for the day to trade at 6.7309. The pair touched a daily low at 6.7279 at 6:35 GMT.

Fundamental view

Sweden

Retail Sales in Sweden probably rose 3.7% in May compared to a year ago, according to the median estimate by experts. In April, retail sales jumped 6.7% from a year ago, that was a larger than initially reported gain.

The index provides data on the turnover of companies, whose main business is specialized in retailing. Since 1990 data excludes sales of motor vehicles, pharmaceuticals and beverages. Data is collected through a survey of enterprises. All businesses with a turnover of over 1 billion SEK, according to the register of VAT are included in the study. Those with turnover below 2 million SEK are not included. This is the percentage change compared to the corresponding month of the previous year.

Statistics Sweden is expected to publish an official report at 7:30 GMT. In case retail sales rose more than expected, this would boost demand for the Swedish krona.

United States

The monthly survey by Thomson Reuters and the University of Michigan may show that the final reading of the US consumer confidence improved to 82.0 this month from a preliminary reading of 81.2 estimated on June 13. The survey encompasses about 500 respondents throughout the country. The index is comprised by two major components, a gauge of current conditions and a gauge of expectations. The current conditions index is based on the answers to two standard questions, while the index of expectations is based on three standard questions. All five questions have an equal weight in determining the value of the overall index.

In case the gauge of consumer sentiment showed a larger improvement than projected, this would boost demand for the dollar. The official reading is due out at 13:55 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.7624, it will probably continue up to test 6.7880. In case the second key resistance is broken, the pair will probably attempt to advance to 6.8085.

If USD/SEK manages to breach the first key support at 6.7163, it will probably continue to slide and test 6.6958. With this second key support broken, the movement to the downside will probably continue to 6.6702.