NOK/SEK may rise 26 - 46 pips

Our pivot point is at 0.9640.

Our preference

The upside prevails as long as 0.9640 is support.

Alternative scenario

Below 0.9640, expect 0.9610 and 0.9600.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 0.9647 and 0.9638). Finally, the NOK/SEK has crossed above its upper Bollinger band (0.9661).

Supports and resistances

0.9740 **

0.9720 *

0.9710 **

0.9690

0.9664 last

0.9650

0.9640 **

0.9610 *

0.9600 **

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