Chart NOK/SEK Update: Consolidating test of support - background studies under pressure
The steady fall to support at 1.0400 has extended to 1.0350
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0700/30~ | ** | break level; 28 Oct YTD high | S1 | 1.0400 | * | congestion, break level | |
| R3 | 1.0655 | ** | 76.4% ret of 2022-2025 fall | S2 | 1.0350 | * | break level, 38.2% ret | |
| R2 | 1.0600 | ** | congestion | S3 | 1.0250 | ** | 50% ret of Jun-Sep rally | |
| R1 | 1.0500 | * | break level | S4 | 1.0200 | * | congestion |
Asterisk denotes strength of level
11:35 GMT - The steady fall to support at 1.0400 has extended to 1.0350, where flat oversold daily stochastics have prompted a minor bounce into fresh consolidation around 1.0435. The daily Tension Indicator continues to fall and broader weekly charts are deteriorating, highlighting room for fresh losses in the coming sessions. A later close below 1.0350 will add weight to sentiment and extend losses from the 1.0730~ current year high of 28 October initially to the 1.0250 Fibonacci retracement.
Meanwhile, resistance is lowered to the 1.0500 break level and should cap any immediate tests higher. An un close above here will help to stabilise price action and prompt fresh consolidation beneath congestion around 1.0600.