Archived IMT (2009.03.04)

Although USDNOK broke above the interim resistance of 7.2 last week, the weekly chart addressed in the Hot-Chart of Feb 11 remains unable to break above the 7.32 resistance, prevailing since Oct 2008. This may raise a discussion as to why would USDCAD break above its own 1.30 resistance prevailing since 2004 but not USDNOK above 7.32. The question lays in my favoured outlook for NOK relative to CAD (see my latest CNBC interview in media section for more detail). Todays improved risk appetite to drag USDNOK back towards 7.100, AUDJPY towards 64.50, AUDCHF towards 76.30, GBPUSD at 1.4205.