EUR/SEK extends the upside near 9.50 on Riksbank

The Swedish krona is losing further ground vs. the common currency today, now lifting EUR/SEK to fresh highs in the vicinity of 9.50 the figure.

EUR/SEK higher post-minutes

SEK gathered further downside pressure after the Riksbank minutes showed a unanimous decision to leave rates unchanged at -0.5% at the last meeting, stressing at the same time that the monetary policy needs to remain very expansionary.

Additionally, the Riksbank now sees the first rate hike at some point during the second half of the next year.

EUR/SEK levels to consider

As of writing the cross is gaining 0.12% at 9.4784 and a breakout of 9.5194 (high Jul.8) would target 9.5914 (high Jun.24) en route to 9.6163 (2016 high Feb.11). On the flip side, the next support aligns at 9.4354 (20-day sma) followed by 9.4035 (low Jul.14) and finally 9.3515 (55-day sma).