USD/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar continues to negate gains made in the second half of September. In the short run the value of the currency may rise, but the rally is expected to be capped by the upper boundary of the channel at 8.3017. However, if USD/NOK jumps higher, the 200-hour SMA at 8.3554 should become the next target. In the meantime, the immediate support at 8.2270 is represented by the Oct 7 low, a breach of which will pave the way for a sell-off down to the lower trend-line at 8.1792. The longer-term target is September's minimum that coincides with the weekly S2 at 8.16. The sentiment is only slight bullish: 56% of positions are long and 44% are short.
© Dukascopy Bank SA
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