Over the past two years, the Norwegian krone has undoubtedly been one of the big losers in the FX market.
Not only has it embarrassingly been constantly beaten up even against the EUR and traded at an all-time low, no, since November 2022 it has bottomed vs. ALL G10 currencies.
This was hardly surprising as almost all fundamental factors spoke against the NOK....
CHFNOK is consolidating after a powerful down move.
It could be finding support as a base for an up move.
A failure of this support could lead to a price freefall to new long term lows.
Higher lows made in previous downtrend.
Could be a bullish turning point with a well defined failure of reversal and continuation of downtrend being the downward penetration of the previous pivot low
The 13 EMA has Broken above the 5 EMA on the 4 Hour Time Frame
The Fast MA on the Trade Development Index has already broken the 20 implying that the currency pair was over bought
Fib Retracement confirms a target to the Short side
Take Profit is Derived from Pivots
The 5 EMA has Broken above the 13 EMA on the 4 Hour Time Frame
The Fast MA on the Trade Development Index has already broken the 20 implying that the currency pair was over sold
Fib Retracement confirms a target to the Long side
Take Profit is Derived from Pivots
Analysis:
CHFNOK is currently in a bullish trend. If price comes at Fib level 0.38, we can enter in a long trade. For this trade the stop loss will be at 11.27389 which is the previous higher low level.
------ Trade ------
Chart: CHFNOK
Type: Long
Entry: 11.34951
Stop Loss: 11.27389
TP1: 11.42513
TP2: 11.50075
The 13 EMA has Broken above the 5 EMA on the 4 Hour Time Frame
The Fast MA on the Trade Development Index has already broken the 20 implying that the currency pair was over bought
Fib Retracement confirms a target to the Short side
Take Profit is Derived from Pivots
