CHF/NOK may fall 528 - 768 pips

12.5970 is our pivot point.

Our preference

The downside prevails as long as 12.5970 is resistance.

Alternative scenario

Above 12.5970, look for 12.6390 and 12.6630.

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 below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 12.5891 and 12.6157).

Supports and resistances

12.6630 **

12.6390 *

12.5970 **

12.5810

12.5578 last

12.5050

12.4810 **

12.4560 *

12.4320 **

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