- The Norwegian Krone rallied to a 1- week peak as the dust settled on soft Manufacturing PMI released yesterday.
- USD/NOK trades 0.1 percent lower at 9.1528, having touched a low of 9.1384 earlier, its lowest since November 25.
- The pair broke below major support 21-DMA; scope for further downside.
- Momentum indicators are bearish on hourly charts: RSI weak at 34.20, Stoch are biased lower and MACD supports downside.
- Immediate resistance is located at 9.1815, and close above could take it till 9.1974.
- On the downside, support is around 9.1270, break below could take it till 9.1187.
Recommendation: Good to sell on dips around 9.1541, with stop loss at 9.1723 and target price of 9.1270.
