USD/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As USD/NOK has just approached the upper edge of the bearish pattern, it is now expected to start depreciating in the direction of 8.36 where it is going to find the green boundary. Bearish expectations are fuelled by the fact that the current price is limited by the weekly R1 and daily R2 from above. Over the next few hours the pair will have to deal with the 200-hour SMA and cross it back to the South. Later obstacles are found at 8.48/47 (weekly PP and 55-hour SMA). Only success here will pave the way for a slide down to the lower trend-line, from which another leg up will be possible. On the other hand, three in four SWFX traders are short on the Dollar, signalling the pair is becoming somewhat oversold.
© Dukascopy Bank SA
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