CHF/NOK may rise 634 - 924 pips

Our pivot point is at 12.5400.

Our preference

The upside prevails as long as 12.5400 is support.

Alternative scenario

The downside breakout of 12.5400 would call for 12.4910 and 12.4620.

Comment

The RSI is above its neutrality area at 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 12.5528 and 12.5094).

Supports and resistances

12.7310 **

12.7020 *

12.6730 **

12.6440

12.5806 last

12.5590

12.5400 **

12.4910 *

12.4620 **

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