Forex Market: USD/SEK daily forecast

During Friday’s trading session USD/SEK traded within the range of 6.5590-6.5866 and closed at 6.5645.

At 6:33 GMT today USD/SEK was losing 0.04% for the day to trade at 6.5616. The pair touched a daily low at 6.5532 at 6:00 GMT, breaching the first key support.

Fundamental view

The unemployment rate in Sweden probably fell to 8.5% in April, according to the median estimate by experts. In March the jobless rate came in at 8.6%.

From March 2005, the indicator covers all people of working age, who during the reference period were not employed, but have a desire to work and were actively seeking work during the last four weeks. People waiting to start work in the next three months are also included. Data from 1976 included also students eligible for unemployment by standards of the International Labour Organisation – ILO. The organization re-entered the survey in October 2007 and the unemployment rate is now calculated as the percentage of unemployed people to the total level of labor force in the country. Workforce represents the total of employed and unemployed persons.

Statistics Sweden is scheduled to release an official report at 07:30 GMT. A lower than expected unemployment rate will heighten the appeal of the Swedish krona.

Technical view

According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.5811, it will probably continue up to test 6.5976. In case the second key resistance is broken, the pair will probably attempt to advance to 6.6087.

If USD/SEK manages to breach the first key support at 6.5535, it will probably continue to slide and test 6.5424. With this second key support broken, the movement to the downside will probably continue to 6.5259.