CHF/NOK may rise 676 - 956 pips

Our pivot point stands at 12.5000.

Our preference

The upside prevails as long as 12.5000 is support.

Alternative scenario

The downside breakout of 12.5000 would call for 12.4540 and 12.4260.

Comment

The RSI is above 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 12.5041 and 12.4846).

Supports and resistances

12.6870 **

12.6590 *

12.6320 **

12.6040

12.5364 last

12.5180

12.5000 **

12.4540 *

12.4260 **

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