- The Norwegian Krone bounced back from a 3-month trough as investors nudged off yesterdays soft manufacturing PMI.
- USD/NOK trades 0.4 percent lower at 9.2360, having touched a high of 9.2894 in the prior session, its highest since October 29.
- Momentum indicators are bearish on hourly charts: RSI weak at 40.50, Stochs are biased lower and MACD supports downside.
- Immediate resistance is located at 9.3000, and close above could take it till 9.3052.
- On the downside, support is around 9.2120, break below could take it till 9.2008.
Recommendation: Good to sell on rallies around 9.2635, with stop loss at 9.2894 and target price of 9.2120.
