CHF/NOK may rise 762 - 1142 pips

Our pivot point is at 12.3670.

Our preference

Look for a drop towards 12.3670 before a bounce.

Alternative scenario

The downside breakout of 12.3670 would call for 12.3040 and 12.2660.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 12.4394 and 12.4395).

Supports and resistances

12.6300 **

12.5920 *

12.5540 **

12.5160

12.4398 last

12.3920

12.3670 **

12.3040 *

12.2660 **

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