CHF/NOK may fall 562 - 832 pips

Our pivot point stands at 11.8400.

Our preference

The downside prevails as long as 11.8400 is resistance.

Alternative scenario

The upside breakout of 11.8400, would call for 11.8860 and 11.9140.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8335 and 11.8485). Finally, the CHF/NOK has penetrated its lower Bollinger band (11.7967).

Supports and resistances

11.9140 **

11.8860 *

11.8400 **

11.8220

11.7792 last

11.7230

11.6960 **

11.6690 *

11.6410 **

Number of asterisks represents the strength of support and resistance levels.