CHF/NOK may fall 630 - 920 pips

Our pivot point is at 12.7140.

Our preference

The downside prevails as long as 12.7140 is resistance.

Alternative scenario

Above 12.7140, look for 12.7610 and 12.7890.

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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 12.7223 and 12.7877).

Supports and resistances

12.7890 **

12.7610 *

12.7140 **

12.6960

12.6400 last

12.5770

12.5480 **

12.5200 *

12.4920 **

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