Chart NOK/SEK Update: Consolidating test of strong resistance
The anticipated continuation of broad April 2025 gains has tested above strong resistance at the 1.0655 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0800 | * | historic congestion | S1 | 1.0500 | * | congestion, break level | |
| R3 | 1.0715 | ** | 28 Oct YTD high | S2 | 1.0380 | * | range lows | |
| R2 | 1.0700 | ** | historic break level | S3 | 1.0200 | ** | congestion | |
| R1 | 1.0655 | ** | 76.4% ret of 2022-2025 fall | S4 | 1.0100 | * | congestion |
Asterisk denotes strength of level
11:55 GMT - The anticipated continuation of broad April 2025 gains has tested above strong resistance at the 1.0655 Fibonacci retracement, with prices posting a fresh multi-year high around 1.0715 before settling around 1.0655. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is showing early signs of flattening, suggesting potential for profit-taking in the coming sessions and a minor pullback. Support is down to 1.0500. But positive weekly charts and rising longer-term readings should limit any pullback in renewed buying interest/consolidation above here.
Following cautious/corrective trade, fresh gains are looked for. However, a weekly close above 1.0655 - 1.0700 is needed to improve sentiment and confirm continuation of multi-month gains, initially to congestion around 1.0800.