FxWirePro: USD/SEK off record high as Sweden's service PMI rises
The Swedish Krona rose, extending previous session's rebound following the release of better-than-expected Service PMI. Sweden's services PMI increased to a seasonally adjusted 54.1 in August from an upwardly revised 52.…
The Swedish Krona rose, extending previous session's rebound following the release of better-than-expected Service PMI.
Sweden's services PMI increased to a seasonally adjusted 54.1 in August from an upwardly revised 52.5 in the previous month, recording its strongest expansion in the service sector since March.
USD/SEK trades 0.5 percent down at 9.7633, having hit a record high of 9.8929 on Tuesday.
Technical indicator support downside - Stochs are biased lower.
Immediate resistance is located at 9.8388 (Aug. 30 High), break above could take it near 9.8929 (Sept 3 High).
On the lower side, support is seen at 9.7165 (10-DMA), break below could take it till 9.6742 (21-EMA).
Recommendation: Good to sell on rallies around 9.7958, with stop loss of 9.8388, target price at 9.7165.
