Currency pair US Dollar to Swedish Krona USD/SEK continues to move as part of the correction and the formation of a large “Triangle” pattern, a breakdown of which will indicate a strong growth of the pair to new highs. At the time of publication of the forecast, the exchange rate of the US Dollar to the Swedish Krona is 10.90. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of the pair. At the moment, we should expect an attempt to develop a correction and test the support level near the 10.65 area, after which we should consider continuing growth with a target above the level of 11.75.
Swedish Krona Forecast October 27, 2022
In favor of the growth of Swedish krona quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the “Triangle” model. Cancellation of the USD/SEK growth option on Forex will be a fall and a breakdown of the 10.35 area. This will indicate a breakdown of the lower model and a continuation of the fall in quotes to the area below the level of 9.05. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and the closing of the quotes of the USD/SEK pair above the level of 11.65. Such an event will indicate a breakdown of the upper curtain of the “Triangle” model with the goals of working out at the top.
Swedish Krona Forecast October 27, 2022 suggests an attempt to test the support area near the level of 10.65. Then, continued growth in the area above the level of 11.75. An additional signal in favor of the growth of the pair on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the US Dollar against the Swedish krona will be a fall and a breakdown of the level of 10.35. In this case, it is worth considering the continuation of the fall to the level of 9.05.
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