CHF/NOK may rise 732 - 972 pips

Our pivot point stands at 12.5540.

Our preference

The upside prevails as long as 12.5540 is support.

Alternative scenario

The downside breakout of 12.5540 would call for 12.5130 and 12.4880.

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 12.5016 and 12.4683). Finally, the CHF/NOK is trading above its upper Bollinger band (standing at 12.5806).

Supports and resistances

12.7320 **

12.7070 *

12.6830 **

12.6590

12.5858 last

12.5700

12.5540 **

12.5130 *

12.4880 **

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