Chart NOK/SEK Update: Lower in consolidation from .9630 high
Settled back from the .9630 high as prices consolidate rally from strong support at .9100/.9080, January and December lows
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | .9700 | * | congestion | S1 | .9500 | * | congestion | |
| R3 | .9680 | * | Jun high | S2 | .9450 | * | congestion | |
| R2 | .9630 | ** | 2 Mar YTD high | S3 | .9425/20 | ** | 26 Feb low, 38.2% | |
| R1 | .9600 | * | congestion | S4 | .9400 | * | congestion |
Asterisk denotes strength of level
07:00 GMT - Settled back from the .9630 high as prices consolidate rally from strong support at .9100/.9080, January and December lows. Daily studies have turned down to unwind overbought reading and suggest scope for break of support at the .9500 level to open up room for deeper pullback to .9450 congestion and .9425/20, support and 38.2% Fibonacci level. However, corrective pullback expected to give way to renewed buying interest later and clearing the .9600 resistance and .9630 high will see room to .9680, June high. Above the latter will confirm a double bottom at the .9080/.9065, December/April lows, and see room for stronger gains to retrace losses from the 2022 year high.