CHF/NOK may rise 571 - 851 pips

Our pivot point stands at 11.9120.

Our preference

The upside prevails as long as 11.9120 is support.

Alternative scenario

The downside breakout of 11.9120 would call for 11.8670 and 11.8390.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 11.9123 and 11.9113). Finally, the CHF/NOK is trading above its upper Bollinger band (standing at 11.9457).

Supports and resistances

12.0900 **

12.0630 *

12.0360 **

12.0080

11.9509 last

11.9300

11.9120 **

11.8670 *

11.8390 **

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