Chart NOK/SEK Update: Range extension - background studies rising
Little change, as prices extend cautious trade within the 1.0350 - 1.0500 range
| 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 - Little change, as prices extend cautious trade within the 1.0350 - 1.0500 range. Daily readings are mixed/negative and overbought weekly stochastics are turning down, suggesting room for a test of support at 1.0350. But the positive weekly Tension Indicator and rising longer-term charts should prompt renewed buying interest towards here. A close below 1.0350, however, will turn sentiment neutral and open up congestion support at 1.0200, where fresh buying interest is expected to appear.
Meanwhile, resistance remains at 1.0500. A later close above here 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, before any further gains are seen.