CHF/NOK may fall 460 - 690 pips

Our pivot point stands at 12.6560.

Our preference

The downside prevails as long as 12.6560 is resistance.

Alternative scenario

Above 12.6560, look for 12.6940 and 12.7170.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 12.6318 and 12.6337).

Supports and resistances

12.7170 **

12.6940 *

12.6560 **

12.6410

12.6190 last

12.5730

12.5500 **

12.5270 *

12.5050 **

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