USD/NOK 4H Chart: Channel Up

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Source: Dukascopy Bank SA
The US Dollar against the Norwegian Krona is in a complicated situation, as the currency exchange rate is simultaneously fluctuating in four various scale patterns. However, in general a surge is expected form the Buck against the Krona, and it can be observed occurring. Most recently the currency exchange rate encountered the resistance put up by the 23.60% Fibonacci retracement level near the 8.60 mark. The retracement levels for this pair are measured by connecting the 2016 high level with the 2015 low level. If the rate breaks the resistance it will surge up to a trend line near the 8.68 level. However, if the pair bounces off the resistance, it will be set to decline to the 38.20% retracement level at 8.35 level.
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