Using MS SQL Server, the following works fine:
CREATE TABLE #temptable(mykey int primary key) INSERT INTO #temptable VALUES (1) INSERT INTO #temptable VALUE
Solution without altering constraint as deferrable initially immediate
deferrable initially immediate
UPDATE tbl_test t1 SET testkey = t2.testkey + 1 FROM (SELECT testkey FROM tbl_test ORDER BY testkey DESC) t2 WHERE t1.testkey = t2.testkey
Online example: http://rextester.com/edit/GMJ48099