USD/NOK and USD/SEK to march forward after breaking key resistances – Credit Suisse

USD/NOK has broken above 10.1365 and analysts at Credit Suisse look further strength to 10.8085/11.2751. Meanwhile, USD/SEK has confirmed a move above 10.4793, which opens the door to the high of 2001 at 11.0480.

Krone and krona to lose ground against the dollar  

“USD/NOK has broken above the 50% retracement of the 2020/21 downtrend at 10.1365 and we expect further upside to develop from here. We thus look for a move to the 61.8% retracement at 10.6063 initially, above which would open the door to the April 2020 high at 10.8085 and eventually to the 78.6% retracement at 11.2751.”

“With the 200-day and 55-week moving averages rising as well as with weekly MACD staying outright positive, we look for further USD/SEK upside all the way to a major resistance zone at the peak of 2001 at 11.0480, where we expect at least a temporary pause, prior to a potentially deeper move higher.”