USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting 6.3149 on February 4, that was the highest since September 2010, the Norwegian Krone began its appreciation versus the U.S. Dollar. However, after touching a low at 5.9124 just five days ago, the pair bounced back to resistance line of the channel down pattern that was formed on February 20. The short-term outlook is bullish, as indicators on a 4H chart and markets sentiment (73%) are pointing at a move closer to the 200-period SMA. In a longer-term, however, the pair is projected to continue its depreciation. Therefore, a move back to the recent low is expected. But first, traders will have to break the weekly and daily pivot around 5.96 area.
© Dukascopy Bank SA
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