FxWirePro: USD/SEK struggles to sustains gains above 8.7000, strong resistance at 21-EMA
The Swedish Krona nudged lower, retreating from an over 2-year high hit in the previous session as the greenback surged across the board. The dollar gained after White House chief of staff Mark Meadows said Senate Republ…
The Swedish Krona nudged lower, retreating from an over 2-year high hit in the previous session as the greenback surged across the board.
The dollar gained after White House chief of staff Mark Meadows said Senate Republicans are likely to bring up a targeted COVID-19 relief bill next week.
Investors now await Sweden's service PMI due tomorrow, which is expected to showed service activity contracted to 51 in August from 54.8 in July.
USD/SEK trades 0.1 percent higher at 8.6827, having hit a low of 8.5954 on Tuesday, its lowest since June 2018.
The pair fell to an over 2-year trough the day before but retaced losses to close nearly 0.5 higher at 8.6773.
Immediate resistance is located at 8.7294 (21-EMA), any close above could take it near 8.7440.
On the lower side, support is seen at 8.6594, break below could take it till 8.6386.
