Chart NOK/SEK Update: Consolidating - background studies rising
Anticipated tests lower have proven shallow, with prices reaching 1.0375 before settling into further consolidation beneath resistance at 1.0500
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0700 | ** | historic congestion | S1 | 1.0350 | * | break level | |
| R3 | 1.0655 | ** | 76.4% ret of 2022-2025 fall | S2 | 1.0200 | ** | congestion | |
| R2 | 1.0600 | * | historic congestion | S3 | 1.0100 | * | congestion | |
| R1 | 1.0500 | * | congestion, break level | S4 | 1.0000 | * | parity, congestion |
Asterisk denotes strength of level
12:40 BST - Anticipated tests lower have proven shallow, with prices reaching 1.0375 before settling into further consolidation beneath resistance at 1.0500. Daily readings are mixed and weekly stochastics are flat in overbought areas, suggesting room for further consolidation, before the positive weekly Tension Indicator prompt fresh gains. A later close above 1.0500 will improve sentiment and extend gains from the 0.9065~ multi-year low of April 2025 towards historic congestion around 1.0600 and the 1.0655 Fibonacci retracement. Already overbought weekly stochastics could limit any initial tests of this range in profit-taking/consolidation.
Meanwhile, support remains at 1.0350. However, mixed/positive weekly charts should limit any break in renewed buying interest above congestion around 1.0200.