CHF/NOK may rise 590 - 860 pips

Our pivot point stands at 12.4880.

Our preference

Rebound.

Alternative scenario

The downside breakout of 12.4880 would call for 12.4420 and 12.4140.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (12.5186) but under its 50 period moving average (12.5304).

Supports and resistances

12.6650 **

12.6380 *

12.6100 **

12.5830

12.5240 last

12.5060

12.4880 **

12.4420 *

12.4140 **

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