USD/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On November 22, the USD/NOK currency pair began with a period of constant appreciation. As a result, the channel up pattern emerged on the hourly chart. On Monday, the Greenback went down to hit the pattern's support, which is currently located at 6.9857, and since then the pair is trying to gain value. At the same time, it seems that daily R1 at 7.0676 is creating some problems for the cross to rise. If all attempts to breach this level are unsuccessful, the pair will be under the risk to drop below the lower trend-line. While technical indicators are giving neutral signals on all time-frames, market participants are holding short positions in 62% of all cases.
© Dukascopy Bank SA
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