FxWirePro: USD/SEK near 1-week trough, bias remains slightly bearish
The Swedish Krona rallied to a near 1-week peak after the release of better than expected new orders.to industry. Sweden's new orders rose at an annualized rate of 7.5 percent in June, following a downwardly revised 2.8 …
The Swedish Krona rallied to a near 1-week peak after the release of better than expected new orders.to industry.
Sweden's new orders rose at an annualized rate of 7.5 percent in June, following a downwardly revised 2.8 percent gain in the previous month, recording its strongest gain in total new orders since July 2018.
However, the upside in the Swedish currency is limited as industrial production slumped 1.1 percent in June, while on year-on-year it declined 0.2 percent.
USD/SEK trades flat at 9.6000, having hit a low of 9.5670 earlier, its lowest since July 31.
Technical indicators support downside - Stochs are biased lower.
Immediate resistance is located at 9.6164 (5-DMA), break above could take it near 9.7000 (August 1 High).
On the lower side, support is seen at 9.5527 (July 31 Low), close below could dag it till 9.5382 (10-DMA).
Recommendation: Good to sell on rallies around 9.6050, with stop loss of 9.6164 and target price at 9.5382.
