CHF/NOK may rise to 12.6990 - 12.8650

12.0940 is our pivot point.

Our preference

The upside prevails as long as 12.0940 is support.

Alternative scenario

The downside breakout of 12.0940 would call for 11.8160 and 11.6510.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.9668 and 11.8605).

Supports and resistances

13.1960 **

13.0300 *

12.8650 **

12.6990

12.3585 last

12.2030

12.0940 **

11.8160 *

11.6510 **

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