USD/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having surpassed its 200-hour SMA, USD/NOK was trading in a narrow corridor formed by two upward-sloping lines. The pair jumped above its 50-hour SMA on Wednesday to trade near the level of 6.0684 (daily PP).
In the short-term, the currency couple may decline, as 57.14% of market players hold short positions in the pair. If traders' expectations materialize, the pair is likely to break through its daily PP at 6.0667 and approach the mark of 6.0567 (50-hour SMA) that may act as a defense against a further fall towards the long-term SMA at 6.0390.
© Dukascopy Bank SA
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