CHF/NOK may rise 635 - 905 pips

Our pivot point stands at 11.7830.

Our preference

The upside prevails as long as 11.7830 is support.

Alternative scenario

The downside breakout of 11.7830 would call for 11.7370 and 11.7100.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.8120 and 11.8078).

Supports and resistances

11.9640 **

11.9370 *

11.9100 **

11.8830

11.8195 last

11.8000

11.7830 **

11.7370 *

11.7100 **

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