Swedish Krona: Technical setup points to further weakness – Societe Generale

Societe Generale notes USD/SEK broke out of a large base in September, extending its rebound and recently posting an interim high near 10.10 before a brief pullback. The bank highlights the 9.83/9.79 area as an important support zone whose defence could see the uptrend resume, with upside projections at 10.23 and 10.47 if the pair pushes beyond 10.10.

Swedish krona under technical pressure

"USD/SEK broke out of a large base in September, resulting in an extension of its rebound."

"The pair recently carved out an interim high near 10.10 and is now undergoing a brief pullback."

"The upper boundary of the previous consolidation, around 9.83/9.79, could act as an important support zone."

"Defence of this may lead to a continuation of the uptrend."

"Beyond 10.10, the next projections are located at 10.23 and 10.47."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)