USD/NOK may fall 600 - 900 pips

Our pivot point is at 10.9450.

Our preference

The downside prevails as long as 10.9450 is resistance.

Alternative scenario

The upside breakout of 10.9450, would call for 10.9950 and 11.0240.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 10.9168 and 10.9274).

Supports and resistances

11.0240 **

10.9950 *

10.9450 **

10.9260

10.9050 last

10.8450

10.8150 **

10.7860 *

10.7560 **

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