Krona on the shoulder

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On the daily chart, we see more reasons for a correction. Even though bearish momentum is quite strong with all three possible death cross signals having been posted in the last couple of months, the pair has started a small-scale up-wave, targeting the 23.60% Fibonacci level at 9.5503. The Commodity channel index could not be more indifferent with a reading of almost zero, and suggests that a real trend is yet to emerge. The pair is about to hit the Fibonacci Fan arc over the next few weeks, meaning that it is then that it will surely start eyeing the major cluster below.