USD/NOK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The channel down pattern formed by USD/NOK started on October 14 when the pair dived below its 200-hour SMA. After that, the USD/NOK faced an accelerating decline, attaining a two-week low, the level which provoked an upside towards the upper line of the pattern.
Market players expect the currency couple to reverse its trend to the south again, being bearish in 65% of cases. The confirmation of this would be a fall below 50-hour SMA and tests of four-hour S1, S2 and daily S1 lying at 5.9099/18, below which at 5.8846, a two-week low, the next support to be found.
© Dukascopy Bank SA
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