The USD/SEK pair has been trading in a sideways range between 9.3700 and 9.8500 over the past two months, searching for a clear direction either upward or downward. On June 12, 2025, the pair reached 9.3687, its lowest level since April 21, 2022. Since the beginning of the year, the pair has declined by about 14% and is currently trading near 9.5500.
It is worth noting that the Swedish krona continues to outperform within the G10 currencies against the US dollar. Following the krona, the ranking order is: euro, Swiss franc, Norwegian krone, British pound, Japanese yen, New Zealand dollar, Australian dollar, and finally the Canadian dollar.
Recent Swedish economic data reflect the resilience of Sweden’s economy:
- Retail sales rose by 2.5% month-on-month in June, compared to the previous reading of -4.6%.
- The manufacturing PMI increased to 54.2 in July from 51.8 previously.
- GDP grew by 0.1% in the second quarter, compared to -0.2% in the previous reading.
- Consumer confidence rose to 90.7 in July, compared to 84.9 previously.
- Industrial production grew by 6.5% month-on-month in June, compared to -0.6% in the previous reading.
Analysts are awaiting tomorrow’s interest rate decision from the Swedish central bank, with the current rate standing at 2.00%.
Technical Analysis:
If the USD/SEK breaks below the pivot point at 9.5506, it may target the support levels at 9.5446, 9.5356, and 9.5296. On the other hand, if it surpasses the pivot point, the pair could target the resistance levels at 9.5596, 9.5656, and 9.5746.
The Relative Strength Index (RSI) is currently at 47, indicating negative momentum for the pair. Meanwhile, the MACD shows a bearish crossover between the blue line and the orange signal line, reinforcing the negative momentum.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.
