CHF/NOK may rise 579 - 849 pips

Our pivot point is at 12.4800.

Our preference

Rebound.

Alternative scenario

Below 12.4800, expect 12.4340 and 12.4070.

Comment

The RSI is above its neutrality area at 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 (12.5273) but under its 50 period moving average (12.5333).

Supports and resistances

12.6720 **

12.6450 *

12.6170 **

12.5900

12.5321 last

12.4980

12.4800 **

12.4340 *

12.4070 **

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