USD/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After meeting a resistance at 8.40, the USD/NOK currency pair started developing to the downside. As a result, it formed the channel down pattern on a 1H chart. Moreover, inside the channel the Greenback has just reached the upper boundary, thus increasing a chance of a drop in the near-term.
However, both market participants and technical indicators are denying the bearish scenario to take place in the foreseeable future. While more than 65% of all opened positions are long on the Buck, 4H technical indicators are giving signals to buy the American currency. Therefore, a bullish break-out is possible, especially taking into account strong supporting areas at 8.05 and 7.99.

© Dukascopy Bank SA
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