CHF/NOK may fall 416 - 616 pips

11.8730 is our pivot point.

Our preference

Target 11.7820.

Alternative scenario

Above 11.8730, look for 11.9070 and 11.9280.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (11.8600) but above its 50 period moving average (11.8216).

Supports and resistances

11.9280 **

11.9070 *

11.8730 **

11.8600

11.8436 last

11.8020

11.7820 **

11.7620 *

11.7420 **

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