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Swedish Krona likely to appreciate on the back of positive inflation data

  • USD/SEK currently trading at 8.4855 levels. 
     
  • It made intraday high at 8.5186 and low at 8.4458 levels. 
     
  • In the data front from Sweden, Country released its CPI data with positive numbers at 0.8% y/y v/s 0.1% previous released.
     
  • In addition, CPIF at 1.6% y/y v/s 0.9% previous released.
     
  • Overall bias remains bearish till the time pair holds key resistance at 8.5336 levels.
     
  • Alternatively, recent downfall will take the parity around key support area at 8.3382 levels.
     
  • Key resistance levels are seen at 8.5186 and 8.5336 levels.
     
  • Major support levels are seen at 8.4480 and 8.4078 levels.

We prefer to take short position in USD/SEK around 8.4850, stop loss 8.5336 and target 8.4078 levels.

 

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