FxWirePro: USD/SEK halts 3-day rally, likely to break below 8.7000
Tuesday, August 11, 2020 11:54 AM UTC
- The Swedish Krona nudged higher, after falling for thee straight sessions, as the greenback eased against a basket of currencies.
- The dollar index declined from a 1-week peak as sparring continued in the U.S. Congress over extending fiscal stimulus.
- Moreover, investors continued to digest upbeat Swedish household consumption data released yesterday, which surged 2.9 percent from the previous month in June, following an upwardly revised 2 percent increase in the previous month.
- USD/SEK trades 0.5 percent lower at 8.7086, having hit a high of 8.7758 on Friday, its highest since August 4.
- Immediate resistance is located at 8.7860, any close above could take it near 8.8068.
- On the lower side, support is seen at 8.6855, break below could take it till 8.6580.