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USD/NOK drops further, around 8.68

FXStreet (Edinburgh) - The Norwegian krone is picking up pace vs. the greenback on Wednesday, dragging USD/NOK to daily lows near 8.6800.

USD/NOK lower on oil gains, USD

The generalized selling mood keeps hitting the US dollar and collaborating with the correction lower in the cross, which is at the same time snapping a positive 3-session streak including fresh tops near 8.85, levels last traded in April 2002.

In addition, today’s recovery of crude oil prices are giving some extra oxygen to NOK, adding to the downside.

USD/NOK relevant levels

At the moment the cross is retreating 1.05% at 8.6809 with the next support at 8.4784 (55-day sma) followed by 8.4524 (low Dec.4) and then 8.3667 (100-day sma). On the other hand, a surpass of 8.8311 (13-year high Dec.8) would expose 8.9181 (monthly high Mar.2002).

United States EIA Crude Oil Stocks change came in at -3.57M below forecasts (0.25M) in December 4

United States EIA Crude Oil Stocks change came in at -3.57M below forecasts (0.25M) in December 4
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USD/CHF drops further and falls to 1-month lows

European currencies are outperforming on Wednesday while the US dollar is falling across the board. USD/CHF extended the decline below 0.9900 and bottomed at 0.9856, hitting the lowest level since November 3.
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