USDSEK, EURUSD, 6m forward, 6m risk reversal and 6m implied volatility 25 September 2013

USD/SEK Spot – Daily Chart

The July-to-September correction is expected to have ended at 6.3070; targets 6.7685/6.7868

A three legged Elliott wave abc correction lower seems to have ended at last week’s 6.3070 low.

Therefore we expect to see a rise back to the 6.7685/6.7868 resistance zone unfolding in the weeks to come. It is where the 200 week moving average and the 2011-13 resistance line meet (see the weekly chart on the following page).

Minor resistance sits at 6.4600/6.4714 (August lows) and can also be seen between the 200- and 55-day moving averages at 6.5171/6.5281.

Further up the three month resistance line comes in at 6.6395. It will need to be bettered for the 6.6939 current September high to be reached.
Once this high has been overcome, the 6.7685/6.7868 resistance zone will be back in the picture.
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