CHF/NOK may rise 595 - 875 pips

Our pivot point stands at 12.3570.

Our preference

Rebound.

Alternative scenario

Below 12.3570, expect 12.3090 and 12.2810.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (12.4092) but under its 50 period moving average (12.4159).

Supports and resistances

12.5570 **

12.5280 *

12.4990 **

12.4710

12.4115 last

12.3760

12.3570 **

12.3090 *

12.2810 **

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