CHF/NOK may fall 563 - 833 pips

Our pivot point stands at 12.4480.

Our preference

The downside prevails as long as 12.4480 is resistance.

Alternative scenario

The upside breakout of 12.4480, would call for 12.4950 and 12.5220.

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 stands below its 20 and 50 period moving average (respectively at 12.4626 and 12.4916).

Supports and resistances

12.5220 **

12.4950 *

12.4480 **

12.4300

12.4103 last

12.3540

12.3270 **

12.2990 *

12.2720 **

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