USD/SEK may rise 599 - 869 pips

Our pivot point is at 10.5230.

Our preference

The upside prevails as long as 10.5230 is support.

Alternative scenario

The downside breakout of 10.5230 would call for 10.4770 and 10.4500.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.5498 and 10.5524). Finally, the USD/SEK is trading above its upper Bollinger band (standing at 10.5586).

Supports and resistances

10.7030 **

10.6750 *

10.6480 **

10.6210

10.5611 last

10.5410

10.5230 **

10.4770 *

10.4500 **

Number of asterisks represents the strength of support and resistance levels.