USD/NOK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the Greenback gained strength in the past week against other currencies, the USD/NOK exchange rate has formed a short term ascending channel pattern in the borders of a larger, descending channel pattern. It also has to be noted that the currency exchange rate is heavily affected by the Fibonacci retracements, which connect the 2016 high and 2015 low levels. Although, most recently the currency exchange rate ignored the 50.00% Fibonacci retracement on its way to the descending channel pattern's upper trend line. Moreover, recently the currency pair's surge was stopped by the 200-period SMA, which is an event that occurred exactly, as the rate was about to break out of the ascending short term channel.
© Dukascopy Bank SA
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