USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the Norwegian Krona in a descending channel pattern, as the currency exchange rate recently encountered the resistance of a larger scale pattern. The larger scale pattern is an ascending channel, which has been in force only since September. The rate is more controlled by the Fibonacci retracement levels, which are measured by connecting the 2016 low and high levels. For example, the rate is about to meet with the support of the 61.80% Fibonacci retracement level, which is located at 8.4364. However, by looking at the trajectory of the pair at the moment it seems that the struggle against the retracement will be consistent with the descending channel.
© Dukascopy Bank SA
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