USD/NOK 1H Chart: Bulls could prevail
|The US Dollar has been appreciating gradually against the Norwegian Krone since the end of June after the USD/NOK currency pair reversed north from the lower boundary of the medium-term ascending channel.
Given that the exchange rate is supported by the 55-, 100– and 200-hour SMAs, currently located in the 8.5768/8.5965, it is likely, that bulls could prevail in the market. A possible upside target is the upper channel line located circa the 8.8200 mark.
Note, that this advance might not be immediate, as the rate could face the resistance of the monthly R1 located at the 8.7236 mark. Also, note, that the pair has to surpass the resistance level at 8.8000.
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