Rally in oil prices helped lift the Norwegian krone against the greenback.
The pair had met stiff selling pressure in the supply zone around 8.8000. A sharp drop below 8.6500, which has turned into resistance, suggests that sellers have regained control of the action.
A close below 8.5500 (a major support from the daily chart) would invalidate the latest rebound and put the dollar on a bearish trajectory. An oversold RSI may cause a temporary bounce. 8.4500 would be the next stop when momentum traders stake in.
