CHF/NOK may rise 841 - 1231 pips

Our pivot point stands at 12.2340.

Our preference

The upside prevails as long as 12.2340 is support.

Alternative scenario

The downside breakout of 12.2340 would call for 12.1680 and 12.1290.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 12.2948 and 12.2764).

Supports and resistances

12.5110 **

12.4720 *

12.4330 **

12.3940

12.3099 last

12.2600

12.2340 **

12.1680 *

12.1290 **

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