CHF/NOK may fall 671 - 951 pips

Our pivot point stands at 12.5330.

Our preference

As long as 12.5330 is resistance look for 12.4000.

Alternative scenario

Above 12.5330, look for 12.5790 and 12.6060.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 12.4984 and 12.4973).

Supports and resistances

12.6060 **

12.5790 *

12.5330 **

12.5140

12.4951 last

12.4280

12.4000 **

12.3730 *

12.3460 **

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