USD/NOK 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A decline of the American Dollar against the Norwegian Krona, which began on January 29, was stopped by a round level at 7.50. At the same time, the US currency failed to gain enough bullish momentum to rebound and is still trying to do so. As a result, a rectangle pattern appeared on the hourly chart. Moreover, right now it seems that pattern's upper boundary and 200-hour SMA rejected the idea of pair's upward development in the foreseeable future. However, we assume the Greenback will make a second attempt to commence a bullish recovery in the mid-term, as suggested by technical indicators on a 4H chart, as well as 70% of SWFX market participants.
© Dukascopy Bank SA
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