FxWirePro: USD/NOK fails to sustain gains above 9.3000, dip till 9.2144 likely

• The Norwegian Krone rebounded from all-time lows, following the release of better-than-expected inflation figures.
   
• Norway's annual inflation rate increased to 1.8 percent in January from 1.4 percent in the previous month, surpassing expectations of 1.2 percent.
   
• While, core inflation stood at 2.9 percent year-on-year, up from 1.8 percent in December.
   
• USD/NOK trades 0.5 percent lower at 9.2492, having touched a record high of 9.3057 earlier.
   
• Momentum indicators are turning bearish: RSI weak at 42.39, Stochs are biased lower and MACD supports downside.
   
• Investors now await Norway central bank governor Oeystein Olsen's speech this week, in which he is expected to give a broad outline of the country's economic prospects.
   
• Immediate resistance is located at 9.3080, and close above could take it till 9.3132.
   
• On the downside, support is around 9.2144 (7-EMA), break below could take it till 9.1976 (10-DMA).

Recommendation: Good to sell on rallies around 9.2890, with stop loss at 9.3080 and target price of 9.2144.