USD/SEK: Long-term outlook is bearish and targets the 7.66 mark – Commerzbank

USD/SEK has failed at 8.7660 and has resumed its down move. Commerzbank’s longer-term outlook is bearish and targets the 200-month moving average at 7.66.

The longer-term outlook for USD/SEK is bearish

“The rally that we have seen so far this year was nothing more than an ‘a-b-c’ correction which has terminated well ahead of the 80.8473 55-week ma.” 

“The down move has already started and is expected to slide back to the 8.1242 2021 low. It is in a longer-term bearish trend and this is expected to be eroded.”

“Our long-term target is for a slide to the 7.8274/7.66 band, this is the 2018 low , the 61.8% retracement of the move up from 2011 and the 200-month ma.”