USD/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp appreciation of the U.S. Dollar versus the Norwegian Krone pushed the pair into a bullish channel that helped USD/NOK to hit a four-month high of 6.1639 on Jun 20. However, a toilsome escalation to this peak enfeebled the pair that was unable to sustain its rally anymore and dived below the lower limit of the formation.
Now the pair still is sitting beneath the channel's lower trend-line and considering that more than 74% of traders on the SWFX are bearish, we may expect the recent breakout to be real and lead to a massive sell-off of the pair.
© Dukascopy Bank SA
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