USD/SEK may rise 758 - 1098 pips

Our pivot point is at 10.3290.

Our preference

The upside prevails as long as 10.3290 is support.

Alternative scenario

The downside breakout of 10.3290 would call for 10.2710 and 10.2370.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 10.3433 and 10.3430).

Supports and resistances

10.5540 **

10.5190 *

10.4850 **

10.4510

10.3752 last

10.3510

10.3290 **

10.2710 *

10.2370 **

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