USD/NOK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar continues to surge against the Norwegian Krona in an ascending channel patterns. By patterns is meant the fact that there are three ascending channels of various scale. However, traders might be most interested how a short term channel formed as a result of the rates efforts to break out of a medium scale pattern. The short term pattern represents the rates constant attacks on the medium term pattern's upper trend line, which have lasted since December 15. In addition, the 2016 June high level is providing resistance near the 8.74 mark. Meanwhile, market sentiment indicates at an upcoming surge, as the pair is oversold. 73% of open SWFX trader positions are already short.
© Dukascopy Bank SA
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