USD/SEK trades sideways

Since October 20, the USD/SEK currency exchange rate has been trading between the resistance of the 8.6230/8.6290 zone and the support of 8.5035/8.5100. Future scenarios were based upon whether or not the rate passes the support zone or breaks resistance.

A surge that would break the resistance zone of 8.6230/8.6290 zone could reach the 200-four hour simple moving average at 8.6550. Above the SMA, the rate might reach for the October high-level zone at 8.7900/8.8275.

On the other hand, a decline below the 8.5035/8.5100 zone might find support at 8.4500, at the late June high and low-level zone. Namely, the 8.4500 mark slowed down a surgeon June 16 and 17, and afterward, reversed a decline of the rate on June 24-28.

USDSEK

EUR/GBP approaches support levels

On November 5 and 8, the EUR/GBP currency exchange rate bounced off a resistance zone at 0.8585/0.8595. The decline is attributed to the fact that the zone that surrounds the 0.8600 mark has been impacting the rate throughout the last half-year.

The target for the decline was the combination of the 0.8510/0.8513 zone and the 50 and 200-four hour simple moving averages. Moreover, the 0.8500 mark might act as a support level.

Recovery from the mentioned support levels could once again test the resistance near the 0.8600 mark. Above the 0.8600 level, the upper trend line of a large channel down pattern might provide resistance. The channel captures the rate's movements since February 2021.

A passing of the support levels near 0.8500 might reach the October low-level zone at 0.8405/0.8420. However, take into account that the 0.8450 round exchange rate level might act as support.

EURGBP

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD struggles to rebound, holds near 1.1150 after US data

EUR/USD trades around 1.1150 in the early American session on Friday as investors assess the latest inflation data from the US. According to the US Bureau of Economic Analysis, Core PCE Price Index rose to 4.9% on a yearly basis in December from 4.7% in November, surpassing the market expectation of 4.8%. 

EUR/USD News

GBP/USD clings to small gains above 1.3400 on mixed US data

GBP/USD posts modest daily gains slightly above 1.3400 on Friday as the dollar rally loses steam. The data from the US showed that the core PCE inflation edged higher to 4.9% in December. On a negative note, Personal Spending contracted by 0.6% on a monthly basis.

GBP/USD News

Gold recovers modestly after US data, stays below $1,800

Gold managed to stage a rebound from the multi-week low it set below $1,780 but continues to trade deep in the red near $1,790. The benchmark 10-year US Treasury bond yield is rising more than 1% on the day after US data, limiting XAU/USD's recovery.

Gold News

Bitcoin Weekly Forecast: Federal Reserve cannot tame BTC’s uptrend

Bitcoin has experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed's decision was announced. As losses have extended and BTC has entered into the $30,000 zone, concerns regarding Bitcoin being in a bear market have increased.

Read more

Apple share price set to rise after another record quarter

With the Nasdaq closing at its lowest level in seven months yesterday, the Apple share price has also found itself on the end of the recent weakness in tech shares, down over 12% from its record highs in early January.

Read more

Majors

Cryptocurrencies

Signatures