CHF/NOK may fall 388 - 568 pips

11.6490 is our pivot point.

Our preference

The downside prevails as long as 11.6490 is resistance.

Alternative scenario

The upside breakout of 11.6490, would call for 11.6780 and 11.6960.

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 11.6317 and 11.6236).

Supports and resistances

11.6960 **

11.6780 *

11.6490 **

11.6370

11.6218 last

11.5830

11.5650 **

11.5480 *

11.5300 **

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