CHF/NOK may fall 829 - 1219 pips

Our pivot point stands at 12.4500.

Our preference

Technical rebound towards 12.4500 before a new drop.

Alternative scenario

Above 12.4500, look for 12.5160 and 12.5560.

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 stands above its 20 period moving average (12.3559) but below its 50 period moving average (12.3816).

Supports and resistances

12.5560 **

12.5160 *

12.4500 **

12.4240

12.3779 last

12.2950

12.2560 **

12.2170 *

12.1770 **

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