USD/SEK Breaking 2-Year Downtrend

The Swedish krona continues to weaken as the USD/SEK breaks higher above its 2-year downtrend.

Barring any surprises today the USD/SEK looks poised to close on a weekly basis above the downward sloping trend line from February 2009. The pair will encounter initial resistance at the September high of 6.9915, followed by the November 2010 high of 7.0700. A break here will open the door to the 2010 August and June highs of 7.5100 and 8.1350. The broken trend line may prove to be supportive at 6.6860 followed by the October low of 6.3075.

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