Chart NOK/SEK Update: Consolidation giving way to fresh year highs
Cautious trade above support at 1.0500 has given way to a fresh break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0700 | ** | historic break level | S1 | 1.0500 | * | congestion, break level | |
| R3 | 1.0655 | ** | 76.4% ret of 2022-2025 fall | S2 | 1.0380 | * | range lows | |
| R2 | 1.0600 | * | historic congestion | S3 | 1.0200 | ** | congestion | |
| R1 | 1.0590 | fresh year high | S4 | 1.0100 | * | congestion |
Asterisk denotes strength of level
11:55 BST - Cautious trade above support at 1.0500 has given way to a fresh break higher, as daily studies turn higher, with prices currently balanced around fresh year highs at 1.0590. Just higher is historic congestion around 1.0600. Broader weekly charts are also improving, highlighting room for further gains in the coming week(s). A close above 1.0600 will help to improve already positive price action, and extend broad April 2025 gains towards the 1.0655 Fibonacci retracement. Already overbought weekly stochastics should limit any initial tests in profit-taking/consolidation.
Meanwhile, a close back below 1.0500 would stabilise sentiment and give way to range extension/consolidation above the 1.0380 multi-week lows. An unexpected close beneath here, however, will add weight to sentiment and complete a distribution top, as a deeper retracement then focuses on congestion support at 1.0200.