USD/NOK 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a rally seen in the first half of November U.S. Dollar stumbled upon the formidable resistance at 6.2191, which has been denying every attempt of USD/NOK to rally since then. However, judging by the bullishness of the technical indicators and by the fact that the currency pair entered the pattern while being in a strong up-trend, the attacks that have been launched on 6.2191 for the past two months should have weakened  the resistance line, making it vulnerable to a breach to the upside.
Still, most of the SWFX market participants are not convinced in USD/NOK's bullishness—72% of them are presently holding short positions.

© Dukascopy Bank SA
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