USDSEK – Another new cycle high – Technical analysis

Intermediate

Another new cycle high on Tuesday through the earlier May peak at 9.6641, reinforcing the resilient consolidation theme from mid-May above the 9.5301 support level, sustaining both short- and intermediate-term bullish trends and aiming higher again for Tuesday.

The April surge through 9.3488 resumed the intermediate-term bull trend, intact above 9.5301.

For Today:    

  • We see an upside bias for 9.7000; break here aims for 9.8560 and key 10.0000.
  • But below 9.6148 opens risk down to 9.5749, maybe towards key 9.5301.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 9.7575.

  • Higher targets would be 10.0000, 10.5500 and 11.9000
  • What Changes This? Below 9.5301 shifts the outlook back to neutral; through 9.4542 is needed for a bear theme.

4 Hour USDSEK Chart

usdsek

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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