USD/NOK: Bullish outlook – Credit Suisse

Analysts at Credit Suisse think commodity currencies have room to fall despite Brent Crude Oil seems to stabilize.

Key quotes

“Although we are seeing tentative signs Brent Crude Oil is stabilizing at multi-year support from the 1990s and early 2000’s at $16.65/14.53, Commodity currencies still maintain a negative bias.” 

“USD/NOK has completed a small base and although the market weakened yesterday, we look for support at 10.4144 to ideally hold to maintain the base and a bullish outlook, with resistance seen at 10.8914 next, the 38.2% retracement of the March/April collapse.”