Chart NOK/SEK Update: Turning away from fresh year high
The run to the fresh year high around 1.0730 has given way to anticipated profit-taking
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0730~ | ** | 28 Oct YTD high | S1 | 1.0400 | * | congestion, break level | |
| R3 | 1.0700 | ** | historic break level | S2 | 1.0350 | * | break level, 38.2% ret | |
| R2 | 1.0655 | ** | 76.4% ret of 2022-2025 fall | S3 | 1.0250 | ** | 50% ret of Jun-Sep rally | |
| R1 | 1.0600 | ** | congestion | S4 | 1.0200 | * | congestion |
Asterisk denotes strength of level
11:35 GMT - The run to the fresh year high around 1.0730 has given way to anticipated profit-taking, with prices falling steadily towards support at 1.0400. Oversold daily stochastics are ticking higher, suggesting room for short-term reactions around current levels. But the bearish daily Tension Indicator and deteriorating weekly charts should limit any bounce in renewed selling interest beneath congestion resistance at 1.0600.
Following cautious trade, fresh losses are looked for. Support is at 1.0400 and extends to the 1.0350. A close beneath this range will add weight to sentiment and confirm a bear-term top in place at the 1.0730~ current year high of 28 October, as focus turns initially to the 1.0250 retracement.