CHF/NOK may rise 943 - 1323 pips

Our pivot point stands at 12.4130.

Our preference

The upside prevails as long as 12.4130 is support.

Alternative scenario

The downside breakout of 12.4130 would call for 12.3500 and 12.3120.

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 is trading above both its 20 and 50 period moving average (respectively at 12.4308 and 12.4304). Finally, the CHF/NOK has crossed above its upper Bollinger band (12.4593).

Supports and resistances

12.6720 **

12.6340 *

12.5960 **

12.5580

12.4637 last

12.4390

12.4130 **

12.3500 *

12.3120 **

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