- The Swedish Krona rallied, extending previous session gains on the back of upbeat household consumption figures.
- Sweden's household consumption surged 0.2 percent in June, recovering from an upwardly revised 1 percent fall in May
- USD/SEK trades 0.2 percent down at 9.5674 having hit a low of 9.5601 earlier in the week, its lowest since July 31.
- RSI and Stochastics indicators show bearish momentum
- Immediate resistance is located at 9.6313 (trendline joining 9.7000 and 9.6427), close above could take it near 9.7000 (August 1 High).
- On the lower side, support is seen at 9.5527 (July 31 Low), break below could drag it till 9.5391/ 9.5260/ 9.5164 (21-EMA).
Recommendation: Good to sell on rallies around 9.6030, with stop loss of 9.6164 and target price at 9.5391.
