USD/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rally that eventually evolved into a bullish channel was facilitated by a strong demand area near 7.50. However, the recovery is now facing meaningful downside risks, as resistance at 8.2484 is not willing to let USD/NOK to move further north. If the support trend-line at 8.1867 gives in before the Mar 12 high, the outlook will be changed from positive to negative, with the first target at 8.11, followed by the Mar 12 low at 8.05 and the 200-hour SMA at 7.98.
On the other hand, a close above Thursday's maximum will confirm Dollar's intentions to keep climbing higher. In this case the objective will be the upper boundary of the channel.
© Dukascopy Bank SA
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