- The Norwegian Krone gained, hovering away from a 2-1/2 week low despite soft Manufacturing PMI.
- Norway's DNB Manufacturing PMI dropped to 53.7 in November from a revised 55.3 in the previous month, but above market expectations of 50.2.
- USD/NOK trades 0.2 percent lower at 9.1800, having touched a high of 9.2222 on Friday, its highest since November 13.
- Momentum indicators are bearish on hourly charts: RSI weak at 38.97, Stoch are biased lower and MACD supports downside.
- Immediate resistance is located at 9.2223, and close above could take it till 9.2342.
- On the downside, support is around 9.1705 (7-EMA), break below could take it till 9.1535 (20-EMA).
Recommendation: Good to sell on dips around 9.2127, with stop loss at 9.2223 and target price of 9.1705.
