USD/SEK falls sharply as the US dollar weakens,Swedish CPI

The USD/SEK declined to a low of 10.825.
The Swedish CPI from October will be reported on Tuesday and is expected to rise to 6.7% YoY.
US CPI from October is also due on Tuesday.

Patricio Martín FXStreet

The USD/SEK fell sharply on Monday to a daily low of 10.825 and then consolidated around 10.830, showing a daily decline of 0.40%, driven a weakening USD, ahead of the report of both country's Consumer Price Indexes (CPI) readings from October.

On Tuesday, the SCB Statistics from Sweden is expected to report that the Consumer Price Index (CPI) from October rose to 6.7% from its previous 6.5%. In that sense, if the reading comes in higher than expected, it may fuel further downside on the pair on the back of hawkish bets on the Riksbank, which left the door open for further tightening.

On the other hand, markets await the US CPI on Tuesday and Producer Price Index (PPI) and Retail Sales figures on Wednesday, which will provide the Federal Reserve (Fed) with fresh evidence on the US inflation outlook. Last week, bank officials and Chair Powell were seen as cautious and stated that the "job wasn’t done", pointing out that they’ll need more evidence to confirm that inflation is coming down. For the upcoming December meeting, markets seem to be confident that the Fed won’t hike, and the USD’s trajectory will likely be set on how long investors will price in rates at restrictive levels based on the outcome of the incoming data.

USD/SEK levels to watch

Based on the daily chart, the USD/SEK holds a bearish bias, with indicators reflecting that the bears are strengthening. The Relative Strength Index (RSI) reveals a downward slope below its middle point, while the Moving Average Convergence (MACD) histogram presents larger red bars. On the broader scale, the pair is also below the 20 and 100-day Simple Moving Averages (SMAs), but above the 200-day SMA, suggesting that the bulls continue to exhibit strength in the overall trend but are seen as weak on the shorter time frames.

Supports: 10.830, 10.770, 10.760
Resistances: 10.862 (100-day SMA), 10.900, 10.980.

USD/SEK daily chart

USD/SEK

Overview
Today last price	10.838
Today Daily Change	-0.0701
Today Daily Change %	-0.64
Today daily open	10.9081

Trends
Daily SMA20	11.032
Daily SMA50	11.0464
Daily SMA100	10.8708
Daily SMA200	10.6864

Levels
Previous Daily High	10.945
Previous Daily Low	10.8781
Previous Weekly High	10.9808
Previous Weekly Low	10.8282
Previous Monthly High	11.2275
Previous Monthly Low	10.8482
Daily Fibonacci 38.2%	10.9037
Daily Fibonacci 61.8%	10.9195
Daily Pivot Point S1	10.8758
Daily Pivot Point S2	10.8435
Daily Pivot Point S3	10.8089
Daily Pivot Point R1	10.9427
Daily Pivot Point R2	10.9773
Daily Pivot Point R3	11.0095

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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