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USDCHF Triple Bottom at 0.7920 Under Threat: Bearish Signals Dominate – Sell Rallies Targeting 0.7865

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FxWirePro- Major Pair levels and bias summary

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USD/NOK struggles at 8.40, good to go long close above

Wednesday, February 15, 2017 7:45 AM UTC

The Norwegian Krone consolidates between a narrow range despite upbeat Norway consumer confidence and Trade balance figures.
Norway’s consumer confidence rose 5.2 points in Q1 versus revised 1.8 in Q4, while Trade balance expanded to 25 billion NOK in January from 23.28 billion in December.
USD/NOK currently trades flat at 8.3967, after rising to a 3-week high of 8.4203 in the previous session.
Technical indicators support upside in the pair - RSI strong at 52.49, Stochs are biased higher, MACD supports uptrend.
Immediate resistance is around 8.4219 (50.0 % retracement of 8.6715 and 8.1725) and any break above will take it till 8.4552 (trendline joining 8.3369 and 8.3950)
On the lower side, 8.3614 (5-DMA) is acting as next immediate support and any break below 8.3447 (200 DMA) could see reversal in trend.

Recommendation: Good to go long on close above 8.4000 with stop loss at 8.3780 and target price of 8.4219/ 8.4670.

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USD/NOK struggles at 8.40, good to go long close above

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