USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After moving sideways during November and December, the USD/NOK peaked at 6.3145 on February 4 and began its 4000-pip rally to the downside. After a steep decline, on February 20 the pair managed to form a channel down pattern. Despite such a solid performance, bulls can take the initiative soon, as 74% of traders are holding long positions, while during the last several days there were numerous attempts to penetrate the upper boundary. In case it is breached, long traders should focus on a strong psychological level and a weekly R1 at 6.00, while next target can be found at 6.0395. From the downside, pair's depreciation will be limited by 5.8660.
© Dukascopy Bank SA
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