- The USD/SEK stands at 10.908 with losses of 0.10%.
- US Treasury yields retreated after Thursday’s sharp rise.
- All eyes are on next week’s US October CPI data.
He USD/SEK showed minimal downward movements around the 10,908 area on Friday. The pair fell as the Dollar consolidated the week’s gains, while falling US yields and negative consumer sentiment data from the University of Michigan are causing the Dollar to struggle for interest.
On the data front, the University of Michigan revealed that its November Consumer Sentiment Index came in below expectations at 60.4 versus the consensus of 63.7 and fell from its previous reading of 63.8. That said, no other major reports were released during the week as attention turns to next week’s October US Consumer Price Index (CPI) numbers, which are expected to show a slight deceleration.
It should be noted that the hawks of the Federal Reserve (Fed) and its president, Powell, stated during the week that they left the door open to further tightening, so the result of the inflation or labor market data may shape the expectations of the entity’s next decisions. For now, the odds of a 25 basis point hike for the December meeting are low, around 10%.
Elsewhere, the Fed’s hawkish rhetoric revived US yields, with the 2-year Treasury yield rising back to 5%, while 5- and 10-year rates rose to as high as 5%. 4.59% and 4.60%, which allowed the USD to gain interest, driving the pair higher.
USD/SEK Levels to watch
Based on the daily chart, the technical outlook for USD/SEK remains neutral to bearish as the bears are taking a breather after sending the pair down more than 2%. The Relative Strength Index (RSI) has turned flat below its midline, while the Moving Average Convergence (MACD) prints flat red bars.
In a broader context, the pair is below the 20-day SMA, but above the 100-day and 200-day SMA, indicating favorable positioning for the bulls in the bigger picture.
Supports: 10,861 (100-day SMA), 10,822, 10,811.
Resistances: 10,950, 10,973, 11,000 (20-day SMA).
USD/SEK Daily Chart
|Latest price today||10.9054|
|Daily change today||-0.0184|
|Today’s daily variation||-0.17|
|Today’s daily opening||10.9238|
|Previous daily high||10.9252|
|Previous daily low||10.8282|
|Previous weekly high||11.2449|
|Previous weekly low||10.8692|
|Previous Monthly High||11.2275|
|Previous monthly low||10.8482|
|Daily Fibonacci 38.2||10.8881|
|Fibonacci 61.8% daily||10.8652|
|Daily Pivot Point S1||10.8595|
|Daily Pivot Point S2||10.7953|
|Daily Pivot Point S3||10.7625|
|Daily Pivot Point R1||10.9566|
|Daily Pivot Point R2||10.9895|
|Daily Pivot Point R3||11.0537|
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.