USD/NOK 1H Chart: Pair consolidates near four-month low

The US Dollar has been trading in a channel down against the Norwegian Krone since mid-October. The bottom boundary of this pattern was tested last Wednesday when the pair hit a four-month low of 7.82.

It has remained relatively stable during the past week. The Greenback re-tested the aforementioned low a few sessions later but nevertheless failed to form a distinct wave either up or down.

It is expected that the pair continues to approach the upper boundary of both channels near the 7.88 mark. The steepness of the longer-term channel demonstrate that this pattern could be breached in the nearest time. However, the Greenback should still overcome a significant resistance cluster set by the 100– and 55-hour SMAs, the weekly PP and the monthly S3 circa 7.87; the 200-hour SMA is likewise located nearby at 7.92.

A successful breakout of these levels might suggest that the upside momentum towards the 8.01 area is to persist for several sessions.
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