Chart NOK/SEK Update: Fresh year highs - background studies rising
Gains from the 0.9066~ multi-year low of April 2025 have tested above resistance at the 1.0350 Fibonacci retracement and historic congestion around 1.0400
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0600 | * | historic congestion | S1 | 1.0200 | * | congestion | |
| R3 | 1.0500 | * | congestion, break level | S2 | 1.0100 | * | congestion | |
| R2 | 1.0400 | * | historic congestion | S3 | 1.0050 | * | congestion tops | |
| R1 | 1.0350 | ** | 61.8% ret of 2022-2025 fall | S4 | 1.0000 | * | parity, congestion |
Asterisk denotes strength of level
11:30 BST - Gains from the 0.9066~ multi-year low of April 2025 have tested above resistance at the 1.0350 Fibonacci retracement and historic congestion around 1.0400, to post a fresh year high around 1.0450 before settling into consolidation within 1.0350 - 1.0400. Daily stochastics are flat in overbought areas, suggesting room for consolidation in the coming sessions, before the positive daily Tension Indicator and rising weekly charts prompt further gains. A close above 1.0350 will help to improve sentiment and open up a test of 1.0500.
Meanwhile, support is raised to congestion around 1.0300. However, any tests beneath here should be limited in renewed buying interest/consolidation above further congestion around 1.0200.