USD/NOK may fall 590 - 880 pips

Our pivot point stands at 10.5960.

Our preference

The downside prevails as long as 10.5960 is resistance.

Alternative scenario

Above 10.5960, look for 10.6440 and 10.6730.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 10.5558 and 10.5590).

Supports and resistances

10.6730 **

10.6440 *

10.5960 **

10.5770

10.5530 last

10.4940

10.4650 **

10.4370 *

10.4080 **

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