CHF/NOK may fall 648 - 928 pips

Our pivot point is at 12.4640.

Our preference

Target 12.3320.

Alternative scenario

The upside breakout of 12.4640, would call for 12.5120 and 12.5410.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (12.4297) but above its 50 period moving average (12.4160).

Supports and resistances

12.5410 **

12.5120 *

12.4640 **

12.4450

12.4248 last

12.3600

12.3320 **

12.3030 *

12.2750 **

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