Chart NOK/SEK Update: Approaching strong resistance
Consolidation beneath 1.0100 has given way to the anticipated break
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0350 | ** | 61.8% ret of 2022-2025 fall | S1 | 1.0100 | * | congestion | |
| R3 | 1.0230 | ** | 15 May YTD high | S2 | 1.0050 | * | congestion tops | |
| R2 | 1.0200 | * | historic congestion | S3 | 1.0000 | * | parity, congestion | |
| R1 | 1.0160~ | ** | 23 Jul (m) high | S4 | 0.9900 | * | congestion |
Asterisk denotes strength of level
12:30 BST - Consolidation beneath 1.0100 has given way to the anticipated break, with prices currently pressuring strong resistance at the 1.0160~ monthly high of 23 July. The rising daily Tension Indicator highlights room for a break above here towards historic congestion around 1.0200 and the 1.0230 current year high of 15 May. However, already overbought daily stochastics could limit any initial tests in consolidation, before improving weekly charts and mixed/positive monthly charts prompt a break. A close above here will turn sentiment positive and extend April 2025 gains towards the 1.0350 multi-month Fibonacci retracement.
Meanwhile, support is raised to congestion around 1.0100. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above further congestion around 1.0000.