USD/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are signs of the bullish channel emerging on the hourly chart of USD/NOK, as the currency pair bottomed out at 7.72. The US Dollar is expected to find support at 7.83 and continue to appreciate against the Krone. The immediate resistance level is at 7.8750, represented by the daily PP and 200-hour SMA, but the rally is likely to extend beyond the Apr 23 at 7.96 in the next few days. In the longer term the price may well reach 8.1743, namely the Apr high. However, the bullish bets may be somewhat risky, since most of the technical indicators are pointing downwards, though the SWFX market participants are confident in the Greenback: 74% of positions are long.
© Dukascopy Bank SA
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