CHF/NOK may fall 525 - 775 pips

Our pivot point stands at 12.6440.

Our preference

Target 12.5340.

Alternative scenario

The upside breakout of 12.6440, would call for 12.6860 and 12.7100.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (12.6316) but above its 50 period moving average (12.6115).

Supports and resistances

12.7100 **

12.6860 *

12.6440 **

12.6280

12.6115 last

12.5590

12.5340 **

12.5100 *

12.4850 **

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