USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook is bearish on USD/NOK, both in the short and long terms. Being that the currency pair has been trading between two parallel trend-lines since the beginning of April, the price is expected to move away from 7.56 towards 7.13, where it is supposed to meet the lower boundary of the channel. However, we may expect the bears to experience some difficulties pushing the rate lower between 7.3300 and 7.2650. As for the sentiment, an overwhelming majority of the SWFX market participants are optimistic with respect to the US Dollar, being that as many as 73% of them are presently holding long positions.
© Dukascopy Bank SA
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