USD/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A drop below its 200-hour SMA triggered an accelerating decline to more than a two-month low of 5.8367 that acted as a buttress for a jump above long-term SMA to 6.1242 (more than an one-month high). USD/NOK did not manage to consolidate at this level and retreated to the zone between short-and long-term SMAs, with 20-hour SMA faltering above the pair.
Being traded in a channel up pattern, USD/NOK has high chances for a rally to its daily resistance that merges with a more than one-month high at the region of 6.1223. However, traders do not support this outlook, as 57.45% of them hold short positions in the pair.
© Dukascopy Bank SA
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