FxWirePro: USD/SEK extends rebound from 3-week low, faces resistance at 21-EMA
The Swedish Krona eased, retreating from a 3-week peak hit in the prior session, as the dollar surged against a basket of currencies. The U.S. dollar held on to gains against most currencies as risk appetite weakened aft…
The Swedish Krona eased, retreating from a 3-week peak hit in the prior session, as the dollar surged against a basket of currencies.
The U.S. dollar held on to gains against most currencies as risk appetite weakened after Johnson & Johnson said it is pausing a clinical trial of a coronavirus vaccine and Eli Lilly and Co also said it paused a coronavirus antibody treatment.
Moreover, hopes are fading that U.S. Republicans and Democrats will reach a compromise on a new round of fiscal stimulus that would deal a blow to the economic outlook.
USD/SEK trades 0.05 percent higher at 8.8241, having hit a low of 8.7559 on Tuesday, its lowest since September 22.
Immediate resistance is located at 8.8667 (21-EMA), any close above could take it above 8.8882 (55-EMA).
On the lower side, support is seen at 8.7958, break below could take it till 8.7751.
