CHF/SEK may rise 598 - 848 pips

Our pivot point stands at 11.96.

Our preference

The upside prevails as long as 11.96 is support.

Alternative scenario

The downside breakout of 11.96 would call for 11.92 and 11.89.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.97 and 11.97). Finally, the CHF/SEK has crossed above its upper Bollinger band (12.00).

Supports and resistances

12.15 **

12.13 *

12.10 **

12.08

12.02 last

11.98

11.96 **

11.92 *

11.89 **

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