CHF/NOK may fall 569 - 789 pips

Our pivot point stands at 12.6690.

Our preference

The downside prevails as long as 12.6690 is resistance.

Alternative scenario

Above 12.6690, look for 12.7070 and 12.7300.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 12.6633 and 12.6728). Finally, the CHF/NOK has penetrated its lower Bollinger band (12.6366).

Supports and resistances

12.7300 **

12.7070 *

12.6690 **

12.6540

12.6329 last

12.5760

12.5540 **

12.5310 *

12.5080 **

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