CHF/NOK may rise 735 - 1095 pips

Our pivot point stands at 12.2880.

Our preference

The upside prevails as long as 12.2880 is support.

Alternative scenario

The downside breakout of 12.2880 would call for 12.2280 and 12.1930.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 12.3203 and 12.3149). Finally, the CHF/NOK has crossed above its upper Bollinger band (12.3377).

Supports and resistances

12.5240 **

12.4880 *

12.4530 **

12.4170

12.3435 last

12.3110

12.2880 **

12.2280 *

12.1930 **

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