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3 Aug 2015
NOK/SEK could test 1.0780 – Societe Generale
FXStreet (Edinburgh) - In the view of strategists at Societe Generale, the Nordic cross could see its upside renewed towards the 1.0780 area.
Key Quotes
“NOK/SEK retraced from a massive multi-year channel limit and has tested graphical support at 1.0330/1.0250”.
“With the daily RSI breaking above a resistance, a rebound looks plausible”.
“A break above 1.0620 will confirm an inverted H&S and lead to an up move, initially towards 1.0780 and then even towards 1.0890, the 61.8% retracement from the May highs”.
Key Quotes
“NOK/SEK retraced from a massive multi-year channel limit and has tested graphical support at 1.0330/1.0250”.
“With the daily RSI breaking above a resistance, a rebound looks plausible”.
“A break above 1.0620 will confirm an inverted H&S and lead to an up move, initially towards 1.0780 and then even towards 1.0890, the 61.8% retracement from the May highs”.