USD/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A three-day climb of USD/NOK performed inside a bullish channel pushed the pair to a six-month high of 6.2811 Jul 30. However, the instrument failed to settle at this high and is not likely to re-approach this peak any time soon since the pair has recently broken the lower trend-line of the 51-bar long formation. Consequently, we may observe an accelerating decline in the hours to come. The bearish scenario is further fortified by the SWFX data – more than 80% of all orders are placed to sell the pair. tAt the same time, technical data contradicts to the traders' view, pointing to a possible rise in the medium-term.
© Dukascopy Bank SA
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