CHF/NOK may rise 509 - 749 pips

12.1800 is our pivot point.

Our preference

The upside prevails as long as 12.1800 is support.

Alternative scenario

The downside breakout of 12.1800 would call for 12.1400 and 12.1160.

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 above its 20 and 50 period moving average (respectively at 12.1902 and 12.1782). Finally, the CHF/NOK has crossed above its upper Bollinger band (12.2136).

Supports and resistances

12.3470 **

12.3230 *

12.2990 **

12.2750

12.2241 last

12.1960

12.1800 **

12.1400 *

12.1160 **

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