CHF/NOK may fall 496 - 726 pips

Our pivot point is at 12.6610.

Our preference

The downside prevails as long as 12.6610 is resistance.

Alternative scenario

The upside breakout of 12.6610, would call for 12.7000 and 12.7220.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 12.6397 and 12.6394).

Supports and resistances

12.7220 **

12.7000 *

12.6610 **

12.6460

12.6266 last

12.5770

12.5540 **

12.5310 *

12.5090 **

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