USD/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following an eventless second half of December the US Dollar resumed appreciation against the Norwegian Krone. However, considering that USD/NOK is currently trading next to the upper boundary of the channel, which is reinforced by the recent highs and weekly R2 level, the currency pair is likely to retreat from 7.80/7.77 to the support at 7.70.
In case the resistance fails to contain the buying pressure, the rate is likely to rise up to 7.90, namely the Dec 16 high. As for the SWFX sentiment, most of the traders are long the US Dollar—61% of open positions are long, even though the technical indicators are mixed.
© Dukascopy Bank SA
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