The Norwegian Krone holds on to its gains versus the Greenback.

The US Dollar has been weakening during today´s session versus most of the mayor currencies and it kept losing ground versus the Norwegian Krone, even though it has found a good support level at the moment. As we can see on the chart below, after the USD/NOK broke the 5.9600 level to the downside, this zone became a good resistance area and the pair has not been able to move above it.

Today we see that prices fall all the way to the 5.9100 level. At the moment the price is consolidating just above the 5.9100 level, but it has not shown intentions of a correction yet. Therefore, prices may head in any direction from here. If we see a breakdown of the 5.9100 level, then we should patiently wait for the pullback for a possible short entry. If for any reason prices retrace to the upside and visit the 5.9600 level again, then we may see a bounce from the zone to the downside; especially if the 55 Exponential Moving Average is around that area.