CHF/NOK may rise 643 - 883 pips

Our pivot point is at 12.3430.

Our preference

The upside prevails as long as 12.3430 is support.

Alternative scenario

The downside breakout of 12.3430 would call for 12.3030 and 12.2790.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 12.3280 and 12.3245). Finally, the CHF/NOK is trading above its upper Bollinger band (standing at 12.3704).

Supports and resistances

12.5110 **

12.4870 *

12.4630 **

12.4390

12.3747 last

12.3590

12.3430 **

12.3030 *

12.2790 **

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