CHF/SEK may fall 510 - 760 pips

Our pivot point is at 12.11.

Our preference

The downside prevails as long as 12.11 is resistance.

Alternative scenario

The upside breakout of 12.11, would call for 12.15 and 12.18.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 12.09 and 12.08). Finally, the CHF/SEK is trading below its lower Bollinger band (standing at 12.07).

Supports and resistances

12.18 **

12.15 *

12.11 **

12.10

12.07 last

12.02

12.00 **

11.97 *

11.95 **

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