SEK: Following Euro Swings

The krona's short-term outlook against the US dollar will be determined by the trajectory of the euro, with which the SEK is highly correlated. For now, rangebound trading looks like the most likely scenario. Significant resistance on the weekly chart comes in at around SEK6.40/US$, with major support at SEK7.00/US$. A break through the latter would signal significant depreciation, potentially to SEK8.00/US$ in the first instance.

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