USD/NOK 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is trading in an ascending channel pattern against the Norwegian Krona, as the currency exchange rate has formed this medium term pattern in the aftermath of a breakout from the previously active descending channel pattern. Most recently the pair also formed a short term channel up pattern, which represents the rates rebound from the lower trend line of the medium term pattern. However, the rate has already encountered strong enough resistance to break this short term pattern in the form of the 200-period SMA. Due to this fact the rate is now heading down to once more reconfirm the support level of the medium term pattern.
© Dukascopy Bank SA
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