USD/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK is in a good position to rally. Since the last week of December the currency pair has formed a high-quality channel, and at the moment it is trading right at the lower boundary of the pattern. Accordingly, the price is likely to surpass the January 5 high and then probe the resistance trend-line at 9.07. The longer-term bullish outlook is also confirmed by the sentiment (72% of positions are short), although the technical indicators are mixed. Meanwhile, a close beneath 8.91 will imply a sell-off down to 8.80/8.79, where the weekly pivot point and the 200-hour SMA will attempt to nullify the downward momentum and trigger a recovery.
© Dukascopy Bank SA
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