(Bloomberg) -- The euro may drop to a four-month low
of 9.10 Swedish krona in three weeks, according to price charts,
said Tow Keong Su, technical analyst at UBS AG in Singapore.
The currency pair is likely to fall further after breaking
below a trend line connecting the Nov. 17, 2005, high of 9.6565
and the April 3 high of 9.3827. Momentum indicators such as moving
average convergence/divergence, the relative strength index and
stochastics also suggest declines. The stokie, as Sweden's
currency is known, surged the most in five years yesterday after
the Riksbank said it will raise interest rates more than it
previously predicted this year.
Read more at Bloomberg Currencies News
of 9.10 Swedish krona in three weeks, according to price charts,
said Tow Keong Su, technical analyst at UBS AG in Singapore.
The currency pair is likely to fall further after breaking
below a trend line connecting the Nov. 17, 2005, high of 9.6565
and the April 3 high of 9.3827. Momentum indicators such as moving
average convergence/divergence, the relative strength index and
stochastics also suggest declines. The stokie, as Sweden's
currency is known, surged the most in five years yesterday after
the Riksbank said it will raise interest rates more than it
previously predicted this year.
Read more at Bloomberg Currencies News
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