FxWirePro: USD/SEK hits 3-week peak, struggles to sustain gains above 8.9000
Thursday, October 29, 2020 12:56 PM UTC
- The Swedish Krona slumped to a 3-week low as the greenback gained against a basket of currencies.
- The dollar index held gains as escalating coronavirus cases in Europe stoked investor fears that fresh lockdowns would further hit the already fragile economic recovery.
- USD/SEK trades 0.7 percent higher at 8.9002, having hit a high of 8.9110 earlier, its highest since October 7.
- Immediate resistance is located at 8.9348, any close above could take it above 8.9648.
- On the lower side, support is seen at 8.8076 (21-EMA), break below could take it till 8.7787 (10-DMA).