USD/SEK may rise 532 - 772 pips

10.2030 is our pivot point.

Our preference

Rebound towards 10.3160.

Alternative scenario

The downside breakout of 10.2030 would call for 10.1630 and 10.1390.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 10.2583 and 10.2948).

Supports and resistances

10.3640 **

10.3400 *

10.3160 **

10.2920

10.2388 last

10.2190

10.2030 **

10.1630 *

10.1390 **

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