Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USDSEK, USDNOK Reach 17-Year Highs as Recession Fears Rise

USDSEK, USDNOK Reach 17-Year Highs as Recession Fears Rise

Dimitri Zabelin, Analyst


  • USDSEK and USDSEK may continue to climb beyond 17-year high
  • Growing recession concerns has been boosting anti-risk US Dollar
  • Strong underlying bullish bias likely to continue pushing pair higher

See our free guide to learn how to use economic news in your trading strategy!

USDSEK Technical Analysis

USDSEK has not only resumed its previous 20-month uptrend but is now re-testing 17-year highs as growing recessionary fears are boosting demand for liquidity and driving the US Dollar higher at the expense of the cycle-sensitive Swedish Krona.

The pair may have also found a new support zone – previously congestive area – between 9.5323-9.5767. The fact that the pair bounced back – as opposed to capitulating and breaking lower like it did in May – reinforces the notion of a strong underlying bullish bias. Looking ahead, USDSEK will likely continue to climb higher against the backdrop of investors seeking liquidity above riskier counterparts.

USDSEK Recovery Suggests Bullish Spike Ahead

Chart Showing USDSEK

USDSEK chart created using TradingView

Zooming out to a monthly chart shows USDSEK reaching 17-year highs while it continues to climb along a 20-month upward-sloping channel. The next significant landmark may be at the 10.00 level which is less than a three percent climb away for the pair. If the prevailing trend holds, USDSEK may reach that point before year-end.

How Much Higher Will USDSEK Go?

Chart Showing USDSEK

USDSEK chart created using TradingView

USDNOK Technical Analysis

Since deviating from its 17-month uptrend, USDNOK has spectacularly recovered and is once again re-testing 17-year highs above the previously-broken upward-sloping support channel. In the coming week the pair will likely continue to rise against the backdrop of growing recessionary fears, though if it falls USDNOK may find soft support around 8.950

Looking at a monthly chart shows how strong USDNOK is now relative to where it was a decade ago. The pair is over 20 percent higher than it was at the peak of the financial crisis. If another downturn occurs, the potential upside momentum for the USDNOK could be significant.

USDNOK Significantly Above Levels During 2008 Financial Crash

Chart Showing USDNOK

USDNOK chart created using TradingView


--- Written by Dimitri Zabelin, Jr Currency Analyst for

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.