FxWirePro: USD/SEK consolidates near 1-1/2 year low, faces resistance at 5-DMA
The Swedish Krona held firm near a 1-1/2 year peak hit in the prior session as the dollar continued to decline across the board. The greenback against a basket of currencies traded 0.2 percent lower at 94.65, having touc…
The Swedish Krona held firm near a 1-1/2 year peak hit in the prior session as the dollar continued to decline across the board.
The greenback against a basket of currencies traded 0.2 percent lower at 94.65, having touched a low of 94.57 earlier, its lowest since September 2018.
However, Swedish currency's upside appears limited as Sweden's unemployment rate rose to 9.8 percent in June from 9.0 percent in the previous month and 7.2 percent in the same period last year.
USD/SEK trades 0.1 percent down at 8.8462, having hit a low of 8.8276 the day before, its lowest since late September 2018.
On Thursday, the pair atempted a minor recovery, rising to a daily high of 8.9119 but found resistance at 5-DMA to close at 8.8544.
Immediate resistance is located at 8.9106 (5-DMA), any close above could take it near 8.9472 (7-EMA).
On the lower side, support is seen at 8.8168, break below could take it till 8.7714.
