Blake Morrow’s Chart of The Day – Mar 2nd 2021

USDSEK

Last month the USDSEK failed to hit a new low for 2021 which sets up a long term higher low. And with the pair looking to break the 8.4900 level the risk would be for a move back towards the 200dma and the 161% Fibonacci extension at the 8.6619 level which also happens to be near the lows of August 2020 as well. Notice the broken (red) trend line and how the market has respected it since the fall of 2020.