CHF/NOK may rise to 13.3190 - 13.5180

Our pivot point is at 12.5440.

Our preference

The upside prevails as long as 12.5440 is support.

Alternative scenario

Below 12.5440, expect 12.2130 and 12.0170.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 12.3533 and 12.0405).

Supports and resistances

13.9150 **

13.7160 *

13.5180 **

13.3190

12.8787 last

12.6740

12.5440 **

12.2130 *

12.0170 **

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