- The Norwegian Krone tumbled, extending losses for the fourth straight session.
- On Wednesday, the pair rose to a 1-month peak of 9.1615 but trimmed gains to close at 9.1289.
- USD/NOK trades 0.05 percent up at 9.1338, having touched a high of 9.1615 the day before, its highest since September 3.
- Momentum indicators are bullish - RSI strong at 66.10, MACD supports upside and Stochs are at over bought levels.
- Immediate resistance is located at 9.1648 and a close above could take it till 9.1785.
- On the downside, support is around 9.0971 (5-DMA), break below could take it till 9.0790.
Recommendation: Good to buy on dips around 9.1297, with stop loss at 9.1189 and target price of 9.1648
