Dukascopy

USD/NOK 1H Chart: Breached long-term channel

FX:USDNOK   U.S. Dollar/Norwegian Krone
The US Dollar             has been appreciating against the Norwegian Krone in a channel up since late August.

During this period of appreciation, the pair managed to reach its six-month high of 8.4161 on December 21. After that, the bearish sentiment took over and thus allowed for a breakout of the aforementioned long-term channel earlier this week.

It is expected that the Greenback could be tended north during the following sessions; however, this upward movement might not be very significant. A possible target in this case might be the 8.2690 area, as the monthly and weekly PPs             and the 200-hour SMA are located nearby.

By and large, the bearish sentiment should eventually prevail and thus push the rate lower.
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https://www.dukascopy.com/swiss/english/marketwatch/market_news/Technical-Analysis/

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