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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-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.
  • Market Data
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