Forex Market: USD/SEK daily forecast

During yesterday’s trading session USD/SEK traded within the range of 6.8246-6.8549 and closed at 6.8278.

At 6:12 GMT today USD/SEK was losing 0.1% for the day to trade at 6.8210. The pair touched a daily low at 6.8194 at 6:06 GMT.

Fundamental view

Retail Sales in Sweden probably rose 0.7% in June from a month ago, according to the median estimate by experts. In May, retail sales dropped 0.7% on a monthly basis.

The index provides data on the turnover of companies, whose main business is specialized in retailing. Since 1990 data excludes sales of motor vehicles, pharmaceuticals and beverages. Data is collected through a survey of enterprises. All businesses with a turnover of over 1 billion SEK, according to the register of VAT are included in the study. Those with turnover below 2 million SEK are not included. This is the percentage change compared to the corresponding month of the previous year.

Statistics Sweden is expected to publish an official report at 7:30 GMT. In case retail sales rose more than expected, this would boost demand for the Swedish krona.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 6.8358. In case USD/SEK manages to breach the first resistance level at 6.8469, it will probably continue up to test 6.8661. In case the second key resistance is broken, the pair will probably attempt to advance to 6.8772.

If USD/SEK manages to breach the first key support at 6.8166, it will probably continue to slide and test 6.8055. With this second key support broken, the movement to the downside will probably continue to 6.7863.