CHF/NOK may fall 375 - 555 pips

Our pivot point is at 11.6610.

Our preference

The downside prevails as long as 11.6610 is resistance.

Alternative scenario

Above 11.6610, look for 11.6910 and 11.7080.

Comment

The RSI is below its neutrality area at 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 11.6683 and 11.6546).

Supports and resistances

11.7080 **

11.6910 *

11.6610 **

11.6490

11.6365 last

11.5990

11.5810 **

11.5630 *

11.5460 **

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