CHF/NOK may fall 479 - 719 pips

Our pivot point is at 12.4770.

Our preference

The downside prevails as long as 12.4770 is resistance.

Alternative scenario

Above 12.4770, look for 12.5170 and 12.5420.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 12.4503 and 12.4547).

Supports and resistances

12.5420 **

12.5170 *

12.4770 **

12.4610

12.4369 last

12.3890

12.3650 **

12.3410 *

12.3170 **

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