USD/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the one-hour chart USD/NOK is trading in the same upward channel pattern, as it is doing in the four-hour chart. However, the short-term time frame can better show a decline of recent hours. However, this correction is likely to come to a halt, as the pair is approaching the lower trend-line of the pattern at 8.25. This level is also strengthened by the weekly pivot point, daily S1 and both 100/200-hour moving averages. The main outlook suggests a rebound from this important cluster of support levels. However, an unexpected failure will give bears an opportunity to push the pair down to weekly S1 at 8.14. In the meantime, SWFX traders are bearish in just 52% of all cases.

© Dukascopy Bank SA
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