USD/NOK may rise 597 - 897 pips

Our pivot point is at 10.9250.

Our preference

The upside prevails as long as 10.9250 is support.

Alternative scenario

The downside breakout of 10.9250 would call for 10.8750 and 10.8450.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.9482 and 10.9294).

Supports and resistances

11.1140 **

11.0850 *

11.0550 **

11.0250

10.9653 last

10.9450

10.9250 **

10.8750 *

10.8450 **

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