USD/NOK may rise 640 - 940 pips

10.8790 is our pivot point.

Our preference

As long as 10.8790 is support look for 11.0160.

Alternative scenario

Below 10.8790, expect 10.8290 and 10.7990.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (10.9221) but above its 50 period moving average (10.9074).

Supports and resistances

11.0750 **

11.0450 *

11.0160 **

10.9860

10.9220 last

10.8980

10.8790 **

10.8290 *

10.7990 **

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