USD/SEK may fall 427 - 637 pips

Our pivot point is at 10.6830.

Our preference

Under pressure below 10.6830.

Alternative scenario

Above 10.6830, look for 10.7190 and 10.7400.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 10.6769 and 10.6554). Finally, the USD/SEK is trading below its lower Bollinger band (standing at 10.6563).

Supports and resistances

10.7400 **

10.7190 *

10.6830 **

10.6700

10.6507 last

10.6080

10.5870 **

10.5650 *

10.5440 **

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