CHF/SEK may rise 486 - 696 pips

Our pivot point is at 12.12.

Our preference

Look for a drop towards 12.12 before a bounce.

Alternative scenario

Below 12.12, expect 12.08 and 12.06.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 12.16 and 12.15).

Supports and resistances

12.29 **

12.27 *

12.25 **

12.23

12.18 last

12.13

12.12 **

12.08 *

12.06 **

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