USD/SEK may rise 459 - 669 pips

10.5520 is our pivot point.

Our preference

The upside prevails as long as 10.5520 is support.

Alternative scenario

The downside breakout of 10.5520 would call for 10.5160 and 10.4940.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 10.5540 and 10.5452).

Supports and resistances

10.6940 **

10.6720 *

10.6500 **

10.6290

10.5831 last

10.5670

10.5520 **

10.5160 *

10.4940 **

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