USD/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK is exposed to a decline in the long run; however, in the nearest future we are likely to observe the US Dollar strengthening against the Norwegian Krone. We expect to see the 55-hour SMA crossing the moving average on a 100-hour time frame soon, which will mean the formation of the pair's positive trend. Moreover, the 200-hour SMA is at the risk of being violated too, while reinforced by the daily R1 just below 8.24. However, the pattern's resistance in face of weekly R1, daily R2 and the 8.29 mark should push the Dollar back to the downside in the next 24 hours. Meanwhile, this idea is supported by daily technical indicators and three in four SWFX market participants.
© Dukascopy Bank SA
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