FxWirePro: USD/SEK hovers towards 3-week peak, likely to hold gains above 8.9000
Monday, November 2, 2020 11:16 AM UTC
- The Swedish Krona declined, hovering towards a 3-week low hit last week as the greenback gained against a basket of currencies.
- The dollar index surged as investors remained wary of the results of upcoming U.S. presidential elections and as a surge in COVID-19 cases and renewed lockdowns in some nations raised economic concerns.
- The greenback against a basket of currencies traded 0.05 percent up at 94.10, having touched a high of 94.28 earlier, its highest since September 30.
- USD/SEK trades 0.2 percent higher at 8.9031, having hit a high of 8.9484 on Thursday, its highest since October 7.
- Immediate resistance is located at 8.9650, any close above could take it above 8.9829.
- On the lower side, support is seen at 8.8558 (55-EMA), break below could take it till 8.8237 (21-EMA).