USD/NOK 1H Chart: Rate trades in channel down

FX:USDNOK   U.S. Dollar/Norwegian Krone
The US Dollar has been trading in a channel down against the Norwegian Krone since mid-November. As apparent on the chart, the Greenback has moved in neat channels within the bounds of this pattern.

After reversing from the senior channel and the 50.00% Fibo retracement at 8.0271 on February 9, the pair has since formed a new short-term channel down.

Taking all this into account, it is expected that the Greenback might continue depreciating against its Norwegian counterpart within the following trading sessions. This movement could be confined within the drawn junior channel.

A possible downside target for the following week could be the 2016/2018 high of 7.6353. The US Dollar did already reverse from this level on two separate occasions during 2018; thus, a subsequent surge is the most likely scenario.
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