Chart of the day

USDSEK is testing the breakout upside resistance 10.5440. If we get a break above this level we could see an extension higher to 11.220 which will be close to finishing the fifth wave.

Only in the case of a clear confirmed break below 10.050, we could see an invalidation of an upside extension. As mentioned a confirmed break above 10.5450 would lead to an extension higher to 11.200.

Long trades could be opened here with a stop loss below 10.440 if we get a clear break above 10.5440 with a higher probability of success. Short USDSEK trades should be opened only upon a confirmed break below 10.050. This is an excellent opportunity to trade DXY long.