USD/NOK 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK is currently in a good position to extend the rally from 8.2840, which it started on July 4. The main bullish argument is the ascending channel the currency pair has formed during the last four days. The positive outlook is further reinforced by the technical indicators, which are pointing upwards in hourly, four-hour and daily time frames. The price is thus expected to rebound from 8.49 and surpass yesterday's high (8.53). The target will then be the upper bound of the emerging pattern at 8.6150. Even in case the price closes below 8.49, the bulls will still have a solid chance to recuperate near a support cluster of 8.4350/8.4130, created by the weekly pivot point, July 7 low and the 200-hour SMA.
© Dukascopy Bank SA
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