USD/NOK 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a two-year high of 6.3147 provoked a steep decline of the U.S. Dollar versus the Norwegian Krone. For the last 164 hours, the pair has been unable to widen its trading range to more than 800 pips, the area restricted by the 164-bar long channel down pattern.
In the foreseeable future, the pair is unlikely to witness any notable changes in its general tendency given that almost 57% of traders bet on depreciation of the currency couple. Technical indicators also support bearish scenario, signalling weakness in the short-term.
© Dukascopy Bank SA
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