CHF/NOK may rise 882 - 1272 pips

Our pivot point is at 12.3240.

Our preference

The upside prevails as long as 12.3240 is support.

Alternative scenario

Below 12.3240, expect 12.2580 and 12.2180.

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 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 12.3495 and 12.3297). Finally, the CHF/NOK is trading above its upper Bollinger band (standing at 12.3763).

Supports and resistances

12.5900 **

12.5510 *

12.5110 **

12.4720

12.3838 last

12.3500

12.3240 **

12.2580 *

12.2180 **

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