CHF/NOK may fall 787 - 1177 pips

Our pivot point is at 12.6140.

Our preference

The downside prevails as long as 12.6140 is resistance.

Alternative scenario

The upside breakout of 12.6140, would call for 12.6800 and 12.7190.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 12.5730 and 12.5854).

Supports and resistances

12.7190 **

12.6800 *

12.6140 **

12.5880

12.5617 last

12.4830

12.4440 **

12.4040 *

12.3650 **

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