USD/SEK may fall 636 - 886 pips

Our pivot point is at 10.4200.

Our preference

The downside prevails as long as 10.4200 is resistance.

Alternative scenario

The upside breakout of 10.4200, would call for 10.4620 and 10.4880.

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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 10.4226 and 10.4211). Finally, the USD/SEK has penetrated its lower Bollinger band (10.3903).

Supports and resistances

10.4880 **

10.4620 *

10.4200 **

10.4030

10.3856 last

10.3220

10.2970 **

10.2720 *

10.2460 **

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