$USDSEK testing resistance around 9.738, watching for reversal
Been keeping an eye on $USDSEK today, and it looks like we're really pushing into that 9.738 area, which has been a pretty clear resistance point on the daily chart for a while now. We saw it poke up to 9.738 earlier, and then pull back slightly. I'm wondering if this will hold again, or if there's enough momentum building for a potential breakout above it. If we can get a sustained close above 9.738 on the daily, that would obviously invalidate the current range-bound thesis for me and open up higher targets. On the flip side, a strong rejection here, especially if we see some bearish candle formations like a shooting star or engulfing, could send us back towards the 9.705 area or even lower. It's a key spot to watch for the next few sessions, I think.
It's a clear level, but I'd be looking at the DXY for broader dollar strength before making a call on USDSEK breaking out here. The pair often follows the general dollar trend pretty closely.