USD/NOK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on USD/NOK is strongly bullish. Not only has the currency pair formed a high-quality ascending channel, but it has also come into contact with the long-term trend-line that originates back in the second half of 2014. Considering the technical indicators, the near-term outlook is bullish as well. The price is expected to rebound from 8.6730 (weekly PP and 200-period SMA), but the upside potential is to be limited by the upper bound of the channel. This resistance trend-line is at 8.7860. On the other hand, in order to invalidate the positive outlook, the price needs to close beneath 8.5845. The rate will then eventually fall down to 8.04, the October low of the previous year.
© Dukascopy Bank SA
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