CHF/NOK may rise 413 - 613 pips

11.7660 is our pivot point.

Our preference

The upside prevails as long as 11.7660 is support.

Alternative scenario

The downside breakout of 11.7660 would call for 11.7320 and 11.7120.

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 11.6901 and 11.6763). Finally, the CHF/NOK has crossed above its upper Bollinger band (11.7807).

Supports and resistances

11.9030 **

11.8830 *

11.8620 **

11.8420

11.8007 last

11.7790

11.7660 **

11.7320 *

11.7120 **

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