USD/NOK 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that USD/NOK has formed a bullish channel, the US Dollar is likely to keep outperforming the Norwegian Krone in the foreseeable future. If there is a dip, the bears should be stopped before they cross support at 7.85. Additional demand areas are supposed to be 7.67 and at 7.53, whereas the 200-day SMA is at 7.20. At the same time, the target is the Mar high at 8.40, but advancement beyond this point is going to be difficult. The next resistance level is seen at 8.54, which played an important role both in 2000 and in 2001, though back then it acted as a floor. Still, the sentiment is clearly bullish, since 74% of all open positions are long.
© Dukascopy Bank SA
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