CHF/NOK may fall 794 - 1144 pips

Our pivot point stands at 12.3730.

Our preference

The downside prevails as long as 12.3730 is resistance.

Alternative scenario

Above 12.3730, look for 12.4330 and 12.4680.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 12.3678 and 12.3700). Finally, the CHF/NOK has penetrated its lower Bollinger band (12.3254).

Supports and resistances

12.4680 **

12.4330 *

12.3730 **

12.3500

12.3254 last

12.2460

12.2110 **

12.1750 *

12.1400 **

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