USD/NOK may fall 593 - 883 pips

Our pivot point stands at 10.8220.

Our preference

The downside prevails as long as 10.8220 is resistance.

Alternative scenario

The upside breakout of 10.8220, would call for 10.8720 and 10.9010.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 10.7946 and 10.7920).

Supports and resistances

10.9010 **

10.8720 *

10.8220 **

10.8030

10.7763 last

10.7170

10.6880 **

10.6590 *

10.6300 **

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