Swedish Krona weak on Healthy Markets but will Labour News stir it up a bit?

Today Wilco van Boxtel gives his insights on the USD/SEK currency pair. He is interviewed by Jack Everitt on Dukascopy TV. Let’s look at the interview and some chart levels.

Price story

With political pressures continuing to weigh the USD down, what do you expect to see from this pair in the short term?

  • If that sentiment continuous to weight on the USD it seems possible to test the 8.5 level on a 61.8 fib. Recently the move has been into the 2009 highs. Support on 8.5 could bring the price above those levels.

With some key releases due out next week affecting the SEK, such as the labour market data, what do you expect to see from the cross in the mid term?

  • SEK Labour market seems to be a bit struggling a bit in the moment in finding skilled workers. But recent economic survey shows overall the Swedish market still looks very healthy. Forbes recently entitled Sweden as the best country for Business in 2017, leading the rest. My fib targets show that after a breakout higher price of 10.35 is possible.

Overall, what would you expect to see for this pair over the next 12 months?

  • Later this year also the German elections are coming up. As well as news around Trump could influence the move of this pair. What I can say is that the first upward fib target I have on this pair is 10.70. But if we start to fall below 8.5 price might get more in a longer term range then anything else.

Price levels of interest

The upcoming levels for the pair are forecasted as follows

  • USD/SEK Bullish
  • 1 month 8.5
  • 3 months 10.35
  • 12 months 10.70

You can trade the USD/SEK currency pair, on my Favorite Broker Dukascopy with their Excellent NEW jForex3 platform.

 

 

Wilco van Boxtel is Chief Currency Trader & Mentor at TradeReact. He has over 17+ years trading experience since 1998. Besides currencies he knows many other markets and assets. Now he is here to educate and inspire you to be successfull in trading too. Subscribe and follow his lead.