- The Norwegian Krone plunged to a 3-month trough following soft manufacturing PMI.
- Norway's DNB manufacturing PMI fell to 50.9 in January from a downwardly revised 55 in December, its slowest expansion in manufacturing activity since a contraction in July.
- USD/NOK trades 0.8 percent higher at 9.2630, having touched a high of 9.2662 earlier, its highest since October 29.
- Momentum indicators are bullish: RSI at 76.32, Stochs are at overbought levels and MACD supports upside.
- Immediate resistance is located at 9.3052, and close above could take it till 9.3120.
- On the downside, support is around 9.1554 (5-DMA), break below could take it till 9.1195 (7-EMA).
Recommendation: Good to buy on dips around 9.1990, with stop loss at 9.1554 and target price of 9.3052,
