USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a long term descending channel pattern against the Norwegian Krona. Most recently the currency exchange rate reached the pattern's lower trend line and bounced off of it. Moreover, the lower trend line had additional support provided by the 2016 low level of 7.97 and another pattern's lower trend line. The second pattern is a middle term falling wedge, in accordance with which the rates previous bounce off the channel's resistance occurred. However, at the moment, the falling wedge seems like no longer in force, as its resistance line was passed amidst the general rebound of the rate. Traders should keep their eyes open to spot the new medium term pattern, which will direct the rate to the channel's upper trend line.
© Dukascopy Bank SA
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