USDNOK - Under pressure

USDNOK (1H) - short term bearish bias

Following its failure to rally above the major resistance of 9.2100, the US dollar went into a sell-off. The overshot RSI was a clear sign of an ever-extension. As buyers struggled to defend the support area of 9.1200 sentiment has turned downbeat as longs bailed out of their positions. The bearish MA cross is a confirmation that the exchange rate is likely to stay under water for a few days. We expect the price to test the previous low of 9.0600.

Key support: 9.0600
Key resistance: 9.1600