FXstreet.com (Barcelona) - The Swedish krona has resumed its appreciation against the single currency on Wednesday, after the cross posted session highs in levels shy of 8.6700 following the contraction of the Consumer Confidence index in Sweden to -2.9 during October, down from 2 in the previous month.
SEK traders are cautious in their trades as the Riksbank will hold its monetary policy meeting tomorrow, and according to analysts, it would be a close call. Flemming Nielsen, Senior Analyst at Danske Bank, expect the Nordic central bank to leave the repo rate unchanged and says “We still see a bias to the upside for both EUR/NOK and EUR/SEK today”.
The cross is now advancing 0.26% at 8.6557 with the next resistance at 8.6950 (high Oct.12) ahead of 0.87117 (Upper Bollinger) then 8.7143 (MA200d) and 8.7520
On the downside, a violation of 8.6220 (low Oct.24) would clear the way to 8.5973 (low Oct.23) then 8.5690 (low Oct.22) and 8.5476 (low Oct.19).
SEK traders are cautious in their trades as the Riksbank will hold its monetary policy meeting tomorrow, and according to analysts, it would be a close call. Flemming Nielsen, Senior Analyst at Danske Bank, expect the Nordic central bank to leave the repo rate unchanged and says “We still see a bias to the upside for both EUR/NOK and EUR/SEK today”.
The cross is now advancing 0.26% at 8.6557 with the next resistance at 8.6950 (high Oct.12) ahead of 0.87117 (Upper Bollinger) then 8.7143 (MA200d) and 8.7520
On the downside, a violation of 8.6220 (low Oct.24) would clear the way to 8.5973 (low Oct.23) then 8.5690 (low Oct.22) and 8.5476 (low Oct.19).
