CHF/NOK may fall 536 - 776 pips

Our pivot point is at 12.4790.

Our preference

The downside prevails as long as 12.4790 is resistance.

Alternative scenario

The upside breakout of 12.4790, would call for 12.5200 and 12.5440.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 12.4962 and 12.5310). Finally, the CHF/NOK has penetrated its lower Bollinger band (12.4472).

Supports and resistances

12.5440 **

12.5200 *

12.4790 **

12.4640

12.4426 last

12.3890

12.3650 **

12.3410 *

12.3170 **

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