FxWirePro: USD/SEK consolidates near 2-1/2 year low, faces resistance at 5-DMA
The Swedish Krona consolidated within narrow ranges after rising to an over 2-1/2 year high in the prior session as the greenback rose against a basket of currencies. The dollar index surged amid expectations of better g…
The Swedish Krona consolidated within narrow ranges after rising to an over 2-1/2 year high in the prior session as the greenback rose against a basket of currencies.
The dollar index surged amid expectations of better global trade ties and more monetary stimulus under U.S. President-elect Joe Biden.
The greenback against a basket of currencies traded 0.1 percent up at 92.80, having touched a low of 92.13 on Monday, its lowest since September 1.
Investors also digested Sweden's upbeat economic data showing household consumption rose by 0.6 percent from a month earlier in September 2020, following an upwardly revised 0.4 percent growth in August
USD/SEK trades 0.05 percent lower at 8.6226, having hit a low of 8.5532 on Monday, its lowest since 26 April 2018.
Immediate resistance is located at 8.6670, any close above could take it above 8.7000.
On the lower side, support is seen at 8.5630, break below could take it till 8.5420.
