USD/SEK to inch higher towards 2001 highs of 11.04 while 10.45/10.41 holds – SocGen

USD/SEK has experienced a steady uptrend. While above the 50-day moving average (DMA), the pair should trend higher and surpass the 11 level, economists at Société Générale report.

Peak near 10.88 is an interim hurdle

“The peak formed earlier this month near 10.88 is an interim hurdle. However, a large downside is not envisaged; 50-DMA near 10.45/10.41 should provide support. 

“Holding above 10.45/10.41, the USD/SEK pair is expected to inch higher towards 2001 highs of 11.04 and perhaps even towards projections of 11.18.”