USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish tendency of USD/NOK we observed in 2014 was stopped this year in March by resistance at 8.40, and since then the pair has been in a distinct down-trend. In the short term, being supported by the dense demand area around 7.45, the US Dollar is likely to appreciate through the monthly pivot point at 7.7220. However, the gains are expected to be capped by the falling resistance line at 7.90, which is strengthened by the 200-period SMA. Additional significant resistance levels are at 8.15 and 8.40, represented by the most recent turning points. Meanwhile, the SWFX market participants are optimistic with respect to the Greenback, being that 65% of positions are long.
© Dukascopy Bank SA
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