Chart of the Day: USD/NOK

Blake Morrow Forex Analytix

The USDNOK continued to stay in the descending channel, but the risk is increasing for a break higher above the 8.6000 channel resistance, but more importantly the 8.6400 previous support from the August 2020 level. A break above that level could squeeze back towards the 8.8900 resistance and beyond. The divergent RSI is suggesting this is possible.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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