FxWirePro: USD/NOK rallies to 2-1/2 month peak, next hurdle seen at 9.4000
The Norwegian Krone tumbled to a 2-1/2 month trough as the greenback surged against a basket of currencies. The dollar index held firm near 6-week highs, extending gains from the previous session, as markets turned risk-…
The Norwegian Krone tumbled to a 2-1/2 month trough as the greenback surged against a basket of currencies.
The dollar index held firm near 6-week highs, extending gains from the previous session, as markets turned risk-averse over a surge of virus cases and new lockdown measures in Europe.
On Monday, the Norwegian currency plunged nearly 3 percent as both oil benchmarks fell around 4 percent, hit by rising concerns that an increase in coronavirus cases in major markets could spur fresh lockdowns and hurt demand.
USD/NOK trades 0.8 percent higher at 9.3194, having touched a high of 9.3681 earlier in the session, its highest since July 15.
The pair rose as high as 9.3353 the day before but retraced to close nearly 1.9 percent up at 9.2485.
Immediate resistance is located at 9.3803, close above could take it till 9.4030.
On the downside, support is around 9.2200, break below could take it till 9.1828.
