FxWirePro: USD/NOK rebounds from over 3-month trough, major resistance at 200-DMA
The Norwegian Krone plunged to a 1-week trough as the greenback bounced back against a basket of currencies. On Wednesday, the Federal Reserve signalled it plans years of extraordinary support for the U.S. economy, which…
The Norwegian Krone plunged to a 1-week trough as the greenback bounced back against a basket of currencies.
On Wednesday, the Federal Reserve signalled it plans years of extraordinary support for the U.S. economy, which policymakers project will shrink by 6.5 perccent in 2020, while the unemployment rate will be 9.3 percent at the end of this year.
USD/NOK trades 1.3 percent up at 9.4103, having touched a low of 9.1965 the day before, its lowest March 3.
The pair fell to an over 3-month low on Wedneday but retraced to close 0.15 percent up at 9.2874.
Immediate resistance is located at 9.4552, close above could take it till 9.4800.
On the downside, support is around 9.2589,.break below could take it till 9.2386.
