CHF/NOK may rise 651 - 941 pips

Our pivot point stands at 12.8090.

Our preference

Rebound.

Alternative scenario

The downside breakout of 12.8090 would call for 12.7610 and 12.7320.

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 trigger further gains. Moreover, the price is trading above its 20 period moving average (12.8503) but under its 50 period moving average (12.9208).

Supports and resistances

13.0340 **

13.0050 *

12.9770 **

12.9480

12.8829 last

12.8270

12.8090 **

12.7610 *

12.7320 **

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