FxWirePro: USD/SEK retreats from near 1-week peak, outlook turns bearish
Tuesday, May 26, 2020 12:27 PM UTC
- The Swedish Krona rose, halting a 3-day losing streak, as the greenback declined across the board.
- The dollar slumped as hopes of economic recovery lifted share markets with many countries easing coronavirus-driven lockdowns.
- USD/SEK trades 0.4 percent down at 9.6267, having hit a low of 9.5523 on Thursday, its lowest since March 12.
- On Monday, the pair rose as high as 9.7021, breaching 200-DMA but retraced to close at 9.6659.
- Immediate resistance is located at 9.6995 (200-DMA), any close above could take it near 9.7142.
- On the lower side, support is seen at 9.5952, break below could take it till 9.5781.