USD/SEK may fall 449 - 679 pips

Our pivot point stands at 10.1550.

Our preference

The downside prevails as long as 10.1550 is resistance.

Alternative scenario

Above 10.1550, look for 10.1930 and 10.2150.

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 10.1858 and 10.1872).

Supports and resistances

10.2150 **

10.1930 *

10.1550 **

10.1410

10.1149 last

10.0700

10.0470 **

10.0250 *

10.0030 **

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