USD/NOK 4H Chart: Ascending Channel

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is appreciating against the Norwegian Krona in an ascending channel pattern. The channel is the result of the rate breaking out from a descending triangle pattern to the upside. Most recently the currency exchange rate encountered resistance put up by a combination of the 23.60% Fibonacci retracement level at 8.5925 and the July high level of 8.6180. The July high provided the last necessary resistance to stop the pair's surge. The Fibonacci retracement levels are measure by connecting the 2016 high and 2015 low levels. As a result of the bounce off from the resistance cluster, the currency pair moved lower and reached the channel's lower trend line, where it struggled to find support.
© Dukascopy Bank SA
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