• The Norwegian Krone nudged up, retreating from record highs hit last week.
  
• On Friday, the Norwegian currency attempted a recovery following Norway central bank's decision to cut its benchmark interest rate by 75 bps to a record low of 0.25 percent during an emergency meeting. However, it closed 5 percent lower as the greenback surged across the board.
  
• USD/NOK trades 1.2 percent lower at 11.7291, having touched an all-time high of 12.1224 on Thursday.
  
• Momentum indicators are turning bearish on hourly charts: RSI point south, Stochs are biased lower and MACD supports downside.
  
• Immediate resistance is located at 12.0115, and close above could take it till 12.0408.
  
• On the downside, support is around 11.4213 (23.6% Fib), break below could take it till 11.3041.