Forex Market: USD/SEK daily forecast

During yesterday’s trading session USD/SEK traded within the range of 6.7062-6.8753 and closed at 6.8292.

At 7:08 GMT today USD/SEK was gaining 0.17% for the day to trade at 6.8343. The pair touched a daily high at 6.8354 at 7:00 GMT.

Fundamental view

United States

Today (July 4th) is the Independence Day federal holiday in the United States, which commemorates the adoption of the Declaration of Independence on July 4th 1776, declaring independence from the Kingdom of Great Britain (at present the United Kingdom). Markets in the country are to remain closed.

Sweden

Swedens annualized industrial production probably expanded 4.2% in May, according to the median forecast by experts, following a 0.6% increase in the prior month. In monthly terms, nation’s industrial production index probably rose 0.5% in May. The index reflects the change in overall inflation-adjusted value of output in sectors such as manufacturing, mining, energetics and utilities. In case industrial output expanded more than anticipated, this would have a bullish effect on the krone. The official report is to be released at 7:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/SEK manages to breach the first resistance level at 6.9012, it will probably continue up to test 6.9727. In case the second key resistance is broken, the pair will probably attempt to advance to 7.0700.

If USD/SEK manages to breach the first key support at 6.7313, it will probably continue to slide and test 6.6345. With this second key support broken, the movement to the downside will probably continue to 6.5627.