CHF/NOK may rise 460 - 630 pips

11.5890 is our pivot point.

Our preference

As long as 11.5890 is support look for 11.6760.

Alternative scenario

The downside breakout of 11.5890 would call for 11.5600 and 11.5420.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.6083 and 11.5775).

Supports and resistances

11.7110 **

11.6940 *

11.6760 **

11.6590

11.6130 last

11.6010

11.5890 **

11.5600 *

11.5420 **

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