USD/SEK may fall 660 - 930 pips

10.4770 is our pivot point.

Our preference

The downside prevails as long as 10.4770 is resistance.

Alternative scenario

Above 10.4770, look for 10.5210 and 10.5480.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 10.5040 and 10.5305).

Supports and resistances

10.5480 **

10.5210 *

10.4770 **

10.4590

10.4390 last

10.3730

10.3460 **

10.3200 *

10.2940 **

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