USD/NOK may rise 667 - 957 pips

Our pivot point is at 10.6350.

Our preference

Rebound towards 10.7710.

Alternative scenario

The downside breakout of 10.6350 would call for 10.5860 and 10.5570.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 10.6931 and 10.7386).

Supports and resistances

10.8290 **

10.8000 *

10.7710 **

10.7420

10.6753 last

10.6540

10.6350 **

10.5860 *

10.5570 **

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