3 Apr 2015
USD/NOK and USD/SEK poised for further upside – JP Morgan
FXStreet (Edinburgh) - The research team at JP Morgan sees the chance of both pairs to extend their ascent.
Key Quotes
“Looking at the long-term charts of USD/NOK and USD/SEK, we see additional upside potential towards the 2009 high at 9.3296 in USD/SEK and towards 8.5383 (76.4%) and a wave 3 projection at 9.0518 in USD/NOK, which look to be interim targets only”.
“Given the impulsive setbacks of the last 2 weeks though, these market are running the risk of having launched a broader 4th wave setback to internal 38.% retracements between 7.5454 and 7.4373/7.4016 in USD/NOK and between 7.8720, 7.8650 and 7.8510 in USD/SEK”.
“These setback risks persist as long as minor 76.4 % Fib.-resistances at 8.2568 in USD/NOK and at 8.7336 in USD/SEK are not taken out”.
Key Quotes
“Looking at the long-term charts of USD/NOK and USD/SEK, we see additional upside potential towards the 2009 high at 9.3296 in USD/SEK and towards 8.5383 (76.4%) and a wave 3 projection at 9.0518 in USD/NOK, which look to be interim targets only”.
“Given the impulsive setbacks of the last 2 weeks though, these market are running the risk of having launched a broader 4th wave setback to internal 38.% retracements between 7.5454 and 7.4373/7.4016 in USD/NOK and between 7.8720, 7.8650 and 7.8510 in USD/SEK”.
“These setback risks persist as long as minor 76.4 % Fib.-resistances at 8.2568 in USD/NOK and at 8.7336 in USD/SEK are not taken out”.