CHF/NOK may rise 464 - 694 pips

Our pivot point stands at 12.5830.

Our preference

Our next up target stands at 12.6970.

Alternative scenario

The downside breakout of 12.5830 would call for 12.5450 and 12.5220.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 12.6048 and 12.6121).

Supports and resistances

12.7430 **

12.7200 *

12.6970 **

12.6740

12.6276 last

12.5980

12.5830 **

12.5450 *

12.5220 **

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