USDNOK may get a squeeze higher.

Some of the FX commodity currencies are looking vulnerable (see AUD and NZD currencies) and the USDCAD (a similar pair tied to Crude oil) has failed to make a new trend low with the recent USD weakness. The USDNOK pair could be argued that the downside momentum has slowed quiet substantially over the last couple weeks. At this time, I am closely monitoring the downtrend line from April which comes in just below the 9.2000 level. A break of this could squeeze the pair back above the 9.5000 level to the 200dma. While above the 9.0000 this may be the near term risk.