USD/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
The Greenback is declining against the Norwegian Krona on the hourly chart in a descending channel pattern, which, as indicated by various clues, is about to become obsolete. The channel has reached the support of a long term up-trend line, which has supported the pair throughout 2016. Moreover, the support line is also strengthened by the support provided by the 38.20% Fibonacci retracement level at 8.5372. Due to that it is possible that the currency exchange rate will soon rebound and attempt to break the upper trend line of the descending channel pattern. However, the line might also hold, and as a result of such scenario a short term triangle would form of the up-trend line and the upper trend line of the channel. In that case a breakout to the upside would be a possible outcome.
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