USD/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being well-supported by the demand between 5.92 and 5.91 in mid-May, USD/NOK was able to commence a robust recovery, which is already more than 100 bars long and seems to be likely to persist. At the moment, however, the currency pair is undergoing a bearish correction, which will supposedly be terminated near 5.93, where the lower up-trend support line of the channel merges with the daily S2 level. Then the U.S. Dollar will be in a good position to re-challenge 5.9650, which proved to be a tough resistance level yesterday. At the same time, the sentiment among the SWFX market participants is strongly bullish, as 71% of open positions are presently long.

© Dukascopy Bank SA
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