USD/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although previously we held a bullish outlook on USD/NOK because of an upward-sloping channel on the daily chart, the lower boundary of the pattern has just been breached. This means there are likely to be even more losses in the future. The next target is support at 7.50. However, we should also not rule out a possibility of a pull-back to the broken line, which will be expected if resistance at 7.7826 fails to stop a recovery from the Mar 26 low. This rally may well extend up to 8.00 (reinforced by the 200-hour SMA), but the overall negative bias will still be valid. Meanwhile, the SWFX market is optimistic with respect to the Dollar, being that as many as 72% of all open positions are long.
© Dukascopy Bank SA
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