USD/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Sell-off of the US Dollar against the Norwegian Krone continued during the second part of this week, after initial losses last week and some sideways movement on Monday and Tuesday of this week. At the moment the further downside development is forecasted both by SWFX market participants and bearish technical indicators on medium and long term time frames. Among traders three out of four are holding short open positions. However, bulls may rely on weekly S1 and pattern's lower edge in the near term. However, failure to withstand bearish pressure may result in a slide down to the 8.00 major level, which is strengthened both by weekly and daily S2 around 7.99.
© Dukascopy Bank SA
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Fri, 18 Sep 2015 13:34:05 GMT

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