FxWirePro: USD/SEK breaks above 200-DMA, intraday bias bullish
Monday, May 25, 2020 12:52 PM UTC
- The Swedish Krona declined following the release of the worse-than-expected unemployment rate.
- Sweden's jobless rate rose to 8.2 percent in April from 6.8 percent in the same month of the previous year, as the effects of the coronavirus crisis began to be felt.
- USD/SEK trades 0.05 percent up at 9.6752, having hit a low of 9.5523 on Thursday, its lowest since March 12.
- The pair rose as high as 9.7021 earlier in the session, breaching above 200-DMA.
- Immediate resistance is located at 9.7142, any close above could take it near 9.7342.
- On the lower side, support is seen at 9.6468 (5-DMA), break below could take it till 9.6324.