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USDSEK: Testing patience at 9.50
Been watching $USDSEK creep down to this 9.50 level. It's not quite a textbook support, more of an area where previous bounces and rejections have occurred over the last few weeks. The daily close above or below 9.5093 feels significant here. I'm leaning towards the idea that if we fail to hold above this, we could see a quick move lower, perhaps towards 9.45. On the flip side, a strong reclaim of 9.5093 and a hold could signal a grind back up. The risk to my current thinking is simply that it chops around this level for another few days, eating up premium and making a mockery of any directional bias.
3 comments · 14 points
I'm seeing something similar. The weekly chart shows 9.50 as the approximate neckline of a potential head and shoulders pattern, which if broken to the downside, could indeed see a swift move lower. The daily close will be key for confirmation.