USD/NOK 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While trading in accordance with a medium term descending channel, the Greenback recently hit the lower trend line of a large scale channel up pattern against the Norwegian Krona. As a result the currency exchange rate already found support and began a rebound. This is the exact beginning of a formation of a new northwards aimed medium term pattern. It is most likely that the rate will make a turn, when it will encounter the strong resistance cluster located above it near the 8.57 mark. Meanwhile, SWFX market sentiment indicates that the pair might go either way, as it is neutral bearish. Due to that it might also be possible that the rate will pass the support line. In that case the US Dollar will fall to the 8.4364 level, where the 61.80% Fibonacci retracement level is located at.
© Dukascopy Bank SA
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