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Interlayer coupling between Fe layers and magnetoresistance effect have been investigated in Fe/Cr/Fe/Ni–Fe/NiO sandwiches. The interlayer coupling between two Fe layers oscillates as the thickness of Cr layer changes. The strongest antiferromagnetic coupling is observed when the thickness of the Cr layer is 1.2 nm. The highest magnetoresistance ratio due to spin-dependent scattering is only 0.13%. The low magnetoresistance ratio is thought to be caused by high resistivity of the Cr layer.