USD/NOK 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK appears to be forming a bullish channel at the moment. And while we expect a sell-off from the current levels down to the lower boundary of the pattern, demand circa 8.55 should be enough to stop Dollar's depreciation and trigger a rally, as a result of which the price should return back to the upper trend-line of the channel.
However, if the exchange rate drops under 8.53 in the process, the downward pressure will likely intensify. In this case the first main target will be the weekly S1 at 8.5070, followed by the November 2 low at 8.4317. Meanwhile, the SWFX market is dominated by bears, as 72% of open positions are presently short.
© Dukascopy Bank SA
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