FxWirePro: USD/SEK hovers towards recent lows, faces resistance at 7-EMA
Thursday, November 12, 2020 11:11 AM UTC
- The Swedish Krona rose, reversing most of its previous session losses as the greenback eased against a basket of currencies.
- The dollar index declined as positive development around a vaccine outweighed concerns over the economic fallout from surging COVID-19 cases.
- The greenback against a basket of currencies traded 0.2 percent down at 92.84, having touched a low of 92.13 on Monday, its lowest since September 1.
- USD/SEK trades 0.2 percent lower at 8.6093, having hit a low of 8.5532 on Monday, its lowest since 26 April 2018.
- Immediate resistance is located at 8.6751 (7-EMA), any close above could take it above 8.7000.
- On the lower side, support is seen at 8.5744, break below could take it till 8.5532.