FxWirePro: USD/SEK hovers towards 1-week trough, likely to break below 21-DMA
Friday, September 11, 2020 10:46 AM UTC
- The Swedish Krona surged, hovering towards an over 1-week peak hit in the previous session following weakness in the greenback.
- The dollar index eased as investors awaited the U.S. Consumer Price Index for August, which is expected to show the cost of living rose 0.3 percent month-on-month, following July's 0.6 percent rise.
- USD/SEK trades 0.3 percent lower at 8.7388, having hit a low of 8.6843 the day before, its lowest since September 2.
- On Thursday, the pair fell below the 8.7000 handle but retraced to close nearly 0.3 percent higher at 8.7677.
- Immediate resistance is located at 8.7936, any close above could take it near 8.8170.
- On the lower side, support is seen at 8.7157 (21-DMA), break below could take it till 8.6895.