- The Norwegian Krone rose, hovering away from a near 1-week low hit in the previous session following better-than-expected manufacturing production and industrial production data.
- Norway's manufacturing production increased at an annualized rate of 2.90 percent in September from 1.7 percent in August, while industrial production declined 8.1 percent year-on-year in September, following a 9.2 percent contraction in the previous month.
- USD/NOK trades 0.5 percent down at 9.1264, having touched a high of 9.2041 on Wednesday, its highest since October 31.
- Momentum indicators are bearish: RSI weak at 49.18, Stochs are biased lower and MACD supports downside.
- Immediate resistance is located at 9.2021 and a close above could take it till 9.2107.
- On the downside, support is around 9.1079, break below could take it till 9.0903.
Recommendation: Good to sell on rallies around 9.1606, with stop loss at 9.1967 and target price of 9.1079.
