USDNOK (1H) - short term bearish bias
After a 3-day-long consolidation, the US dollar has resumed its downtrend along the bearish trend line. The break below the short-lived support level of 8.9500 has added renewed pressure on the greenback. The pair is likely to continue its way down to the September lows at around 8.9200. This would be a major daily level to keep the price afloat and we would expect a combination of profit-taking along with fresh buying. A dip below however could trigger an extended sell-off.
Key support: 8.9200
Key resistance: 8.9700
After a 3-day-long consolidation, the US dollar has resumed its downtrend along the bearish trend line. The break below the short-lived support level of 8.9500 has added renewed pressure on the greenback. The pair is likely to continue its way down to the September lows at around 8.9200. This would be a major daily level to keep the price afloat and we would expect a combination of profit-taking along with fresh buying. A dip below however could trigger an extended sell-off.
Key support: 8.9200
Key resistance: 8.9700