USD/SEK may rise 471 - 701 pips

Our pivot point is at 10.5830.

Our preference

As long as 10.5830 is support look for 10.6890.

Alternative scenario

The downside breakout of 10.5830 would call for 10.5440 and 10.5220.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.6132 and 10.5963).

Supports and resistances

10.7340 **

10.7110 *

10.6890 **

10.6660

10.6189 last

10.5980

10.5830 **

10.5440 *

10.5220 **

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