USD/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The American Dollar has been trending upwards since May 18, when the channel up pattern started to be formed on the one-hour chart. At the same time, USD/NOK seems to be under the bearish pressure at the moment, as short traders are driving the Buck back below 7.90. Despite that, they are getting prepared to encounter a formidable support area, represented by the daily pivot point and weekly R1. Judging from 4-hour technical studies, the pair is likely to turn around and resume an advance. The nearest target will then become the June 1 high at 7.98, followed by the pattern's upper edge at 8.00. On the other hand, more than 64% of SWFX traders assume USD/NOK will be a subject of further losses.
© Dukascopy Bank SA
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