CHF/NOK may rise 520 - 760 pips

12.5850 is our pivot point.

Our preference

As long as 12.5850 is support look for 12.6940.

Alternative scenario

The downside breakout of 12.5850 would call for 12.5440 and 12.5190.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 12.6144 and 12.5937).

Supports and resistances

12.7430 **

12.7180 *

12.6940 **

12.6700

12.6180 last

12.6010

12.5850 **

12.5440 *

12.5190 **

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