Dukascopy

USD/NOK 1H Chart: Previous forecast at work

FX:USDNOK   U.S. Dollar/Norwegian Krone
The previous forecast worked, and the USD/NOK currency pair has reached the resistance cluster formed by the monthly R1 and the weekly R2 in the 8.5565/8.5889 range.

Currently, the pair is testing given resistance. Given that the exchange rate is being supported by the 55-, 100– and 200-hour SMAs, it is expected that the rate goes upwards to the upper boundary of a long-term ascending channel located circa the 8.7500 mark. Technical indicators for both short and long runs also support bullish scenario.

It is the unlikely case that some bearish pressure still prevails in the market, the US Dollar should not exceed the 200-hour SMA , which is currently located at 8.5056.
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