USD/NOK 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 348-bar long double bottom was formed by USD/NOK on July 7, however, the pattern is likely to be completed soon, as there have been several false breakouts recently. At the moment of writing the price stood at 5.945, just 180 pips below the resistance line. As the market sentiment is almost equal, the pair is likely to be driven by technical indicators, which are sending "buy" signals on a 1H chart. In a longer period, however, the depreciation of the pair is expected, as indicators on daily chart are sending "sell" signals.
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