Chart NOK/SEK Update: Balanced at fresh year highs
The anticipated test of critical resistance at historic congestion around 1.0200 and the 1.0230~ monthly high of 15 May is giving way to consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.0400 | * | historic congestion | S1 | 1.0100 | * | congestion | |
| R3 | 1.0350 | ** | 61.8% ret of 2022-2025 fall | S2 | 1.0050 | * | congestion tops | |
| R2 | 1.0230 | ** | 15 May (m) high | S3 | 1.0000 | * | parity, congestion | |
| R1 | 1.0200 | * | historic congestion | S4 | 0.9900 | * | congestion |
Asterisk denotes strength of level
12:10 BST - The anticipated test of critical resistance at historic congestion around 1.0200 and the 1.0230~ monthly high of 15 May is giving way to consolidation, as overbought daily stochastics unwind. The daily Tension Indicator continues to rise, however, and broader weekly charts are improving, highlighting room for further strength in the coming sessions. A close above here will improve sentiment and extend gains from the 0.9066~ multi-year low of April 2025 initially to the 1.0350 Fibonacci retracement.
Meanwhile, support remains at congestion around 1.0100. A close beneath here, if seen, will help to stabilise price action and give way to fresh consolidation above strong support at 1.0000.