CHF/SEK may fall 430 - 650 pips

Our pivot point is at 12.22.

Our preference

The downside prevails as long as 12.22 is resistance.

Alternative scenario

Above 12.22, look for 12.26 and 12.28.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 12.27 and 12.33).

Supports and resistances

12.28 **

12.26 *

12.22 **

12.20

12.19 last

12.15

12.13 **

12.10 *

12.08 **

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