CHF/SEK may rise to 12.6920 - 12.8440

12.08 is our pivot point.

Our preference

The upside prevails as long as 12.08 is support.

Alternative scenario

The downside breakout of 12.08 would call for 11.83 and 11.67.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 12.07 and 11.85).

Supports and resistances

13.15 **

13.00 *

12.84 **

12.69

12.32 last

12.18

12.08 **

11.83 *

11.67 **

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