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USD/NOK: Chart Of The Day

USD/NOK: Chart Of The Day

When USD/NOK broke the 9.2000 level, the bears were squeezed and squeezed hard. We rallied today above the 200-day moving average before pulling back and closing below the 200-dma. But we are also at the 24% retracement of the March highs to recent lows, which means we could still have further to rally. The 38% Fibonacci retracement level is at the 9.9768 level, just shy of the big figure. While we trade above the 9.2000 level, we’d think bulls will be looking for that 38% level in the weeks ahead. 

USD/NOK 1-Day Chart.

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