The US Dollar has been appreciating against the Norwegian Krone in a channel up since late August. During this period of appreciation, the pair managed to reach its six-month high of 8.42 on December 21. After that, the bearish sentiment took over and thus allowed for a breakout of the aforementioned long-term channel earlier this week. It is expected that the Greenback could be tended north during the following sessions; however, this upward movement might not be very significant. A possible target in this case might be the 8.2690 area, as the monthly and weekly PPs and the 200-hour SMA are located nearby. By and large, the bearish sentiment should eventually prevail and thus push the rate lower.
