USD/SEK approaches long term support line

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At the start of March, the USD/SEK currency exchange rate booked a high level, as it pierced the 10.0000 mark. After the move above 10.0000, the rate bounced off the 10.0400/10.0720. The event was followed by a decline, which on March 15 reached the 9.4000 mark. Since then, the pair has been trading around this level.

If the pair declines or continues to fluctuate flat, it would meed with the support line, which connects the November, January and February low levels. The support line might cause a surge that is expected to encounter resistance at 9.6290/9.6550, 9.7795/9.7875 and 10.0400/10.0720.

However, a decline of the US Dollar against the Swedish Krona below the trend line might find support in the 9.2000.00 mark, before approaching the February and January low level zones at 9.0675/9.0960 and 8.9000/8.9170.
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