CHF/NOK may fall to 11.1110 - 11.2310

Our pivot point is at 11.6730.

Our preference

The downside prevails as long as 11.6730 is resistance.

Alternative scenario

Above 11.6730, look for 11.8750 and 11.9960.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8348 and 11.9181).

Supports and resistances

11.9960 **

11.8750 *

11.6730 **

11.5930

11.5122 last

11.2310

11.1110 **

10.9910 *

10.8710 **

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