The CHF is considered a SAFE HAVEN asset, and NOK is a HIGH BETA currency. These two are the epitome of RISK vs RISK AVERSION. We watch this pair, as well as CROSS JPY, to get a sense of where RISK FLOW is in FX and how that can correlate to other assets.

There is a PIVOTAL level approaching, sub 9.00. As you can see form the weekly, this EXPLODED during the COVID sell off and has recovered fully. This may be a signal that the CYCLE is done, but we have to watch the pivots and see how they correlate to RISK. This is ultimately what GLOBAL MACRO is about.