USD/NOK may fall 632 - 932 pips

Our pivot point stands at 10.9830.

Our preference

Target 10.8480.

Alternative scenario

The upside breakout of 10.9830, would call for 11.0330 and 11.0630.

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 (10.9474) but above its 50 period moving average (10.9349).

Supports and resistances

11.0630 **

11.0330 *

10.9830 **

10.9640

10.9412 last

10.8780

10.8480 **

10.8190 *

10.7890 **

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