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FxWirePro: Norwegian Krone rebounds from an over 1-month low as oil prices surge

  • The Norwegian Krone rallied, rebounding from an over 1-month low as crude oil prices surged ahead of U.S. election. 
     
  • Crude oil prices extended gains amid a recovery in financial markets, although concerns over surging coronavirus cases around the world limited upside.
     
  • International benchmark Brent crude was trading 2.4 percent up at $40.16 per barrel by 0945 GMT, having hit a low of $35.76 on Monday, its lowest since May 29. U.S. West Texas Intermediate was trading 2.8 percent higher at $38.10 a barrel, after falling as low as $33.67 on Monday, its lowest since May 29. 
     
  • USD/NOK trades 1.6 percent lower at 9.4033, having touched a high of 9.6080 on Monday, its highest since September 25.
     
  • Immediate resistance is located at 9.5990, close above could take it till 9.6146.
     
  • On the downside, support is around 9.3847, break below could take it till 9.3665.  
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