USD/NOK may rise 646 - 936 pips

Our pivot point stands at 10.6950.

Our preference

The upside prevails as long as 10.6950 is support.

Alternative scenario

The downside breakout of 10.6950 would call for 10.6460 and 10.6170.

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 10.7022 and 10.7191).

Supports and resistances

10.8900 **

10.8610 *

10.8320 **

10.8030

10.7384 last

10.7140

10.6950 **

10.6460 *

10.6170 **

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