Dukascopy Bank Team
Dukascopy Bank SA
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.
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.
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.
Recommended Content
Editors’ Picks
EUR/USD clings to recovery gains near 1.0850 ahead of Fedspeak
EUR/USD trades in positive territory near 1.0850 on Friday following a four-day slide. China's stimulus optimism and a broad US Dollar correction help the pair retrace the dovish ECB decision-induced decline. All eyes remain on the Fedspeak.
GBP/USD pares UK data-led gains at around 1.3050
GBP/USD is trading at around 1.3050 in the second half of the day on Friday, supported by upbeat UK Retail Sales data and a pullback seen in the US Dollar. Later in the day, comments from Federal Reserve officials will be scrutinized by market participants.
Gold at new record peaks above $2,700 on increased prospects of global easing
Gold (XAU/USD) establishes a foothold above the $2,700 psychological level on Friday after piercing through above this level on the previous day, setting yet another fresh all-time high. Growing prospects of a globally low interest rate environment boost the yellow metal.
Crypto ETF adoption should pick up pace despite slow start, analysts say
Big institutional investors are still wary of allocating funds in Bitcoin spot ETFs, delaying adoption by traditional investors. Demand is expected to increase in the mid-term once institutions open the gates to the crypto asset class.
Canada debates whether to supersize rate cuts
A fourth consecutive Bank of Canada rate cut is expected, but the market senses it will accelerate the move towards neutral policy rates with a 50bp step change. Inflation is finally below target and unemployment is trending higher, but the economy is still growing.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.