USD/NOK 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
American Dollar is still undergoing a correction period against the Norwegian Krona, while trading inside boundaries of the bearish channel pattern. It seems that pair's bears are intending to push the US Dollar even lower, with a long-term target at January low around 7.46. This week two strong supports will try to prevent this scenario from becoming a reality. They include monthly S2 at 7.6375 and monthly S3 at 7.5133. Moreover, in case the latter one fails to energize bulls for a recovery, the pair will most probably pierce through Jan low as well. However, SWFX traders are more optimistic on pair's future, and 64% of them believe the Buck will commence a rebound as soon as the next week.
© Dukascopy Bank SA
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