USD/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 837-pips wide channel up pattern was formed by USD/NOK on one-hour chart about 90 hours ago. The tunnel originated at a one-week low of 6.0856, while a recent stab of the pair to the corridor's upper limit allowed USD/NOK to approach a three-week high of 6.2183. Meanwhile, the currency couple may be willing to escalate even higher considering that a retreat that naturally followed a rise to the recent high was halted close to the midpoint between pattern's trend lines. The likelihood that the pair will change direction and start appreciate again is high, especially given the developing ‘golden cross' and that about 57% of traders are bullish on the pair.
© Dukascopy Bank SA
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