- The Norwegian Krone rose, drifting further away from a record lows hit last week following mixed economic data.
- Norway's manufacturing production increased 1.20 percent in January over the same month in the previous year, while separate data showed, industrial production decreased 2.30 percent in January over the previous month.
- USD/NOK trades 0.4 percent lower at 9.2373, having touched an all-time high of 9.4953 last week.
- Momentum indicators are bearish: RSI weak at 48, Stochs are at oversold levels and MACD supports downside
- Immediate resistance is located at 9.3378, and close above could take it till 9.3659.
- On the downside, support is around 9.2152, break below could take it till 9.2006.
Recommendation: Good to sell on rallies around 9.2701, with stop loss at 9.2943 and target price of 9.2152.
