CHF/NOK may fall 549 - 819 pips

Our pivot point stands at 11.9880.

Our preference

The downside prevails as long as 11.9880 is resistance.

Alternative scenario

Above 11.9880, look for 12.0340 and 12.0610.

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 11.9609 and 11.9695). Finally, the CHF/NOK has penetrated its lower Bollinger band (11.9445).

Supports and resistances

12.0610 **

12.0340 *

11.9880 **

11.9700

11.9389 last

11.8840

11.8570 **

11.8300 *

11.8030 **

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