FxWirePro: USD/SEK eases from 1-week peak, faces resistance at 10-DMA
The Swedish Krona rose, retreating from a 1-week low hit earlier in the session as the greenback eased across the board. The dollar index slumped after U.S. President Donald Trump cancelled talks on economic stimulus wit…
The Swedish Krona rose, retreating from a 1-week low hit earlier in the session as the greenback eased across the board.
The dollar index slumped after U.S. President Donald Trump cancelled talks on economic stimulus with Democrat lawmakers until after the November 3 presidential election.
Meanwhile, Federal Reserve Chair Jerome Powell on Tuesday warned that the U.S. economy could slip into a downward spiral if the coronavirus is not effectively controlled and authorities did too little to support the economic rebound.
USD/SEK trades 0.5 percent lower at 8.9085, having hit a low of 8.8758 the day before, its lowest since September 22.
On Tuesday, the pair fell to a 2-week low but found strong support at 21-DMA to close higher at 8.9535.
Immediate resistance is located at 8.9829 (10-DMA), any close above could take it above 9.000 handle.
On the lower side, support is seen at 8.8831 (21-DMA), break below could take it till 8.8660.
