CHF/NOK may fall 463 - 663 pips

Our pivot point stands at 11.8330.

Our preference

The downside prevails as long as 11.8330 is resistance.

Alternative scenario

Above 11.8330, look for 11.8670 and 11.8870.

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 11.8438 and 11.8463). Finally, the CHF/NOK is trading below its lower Bollinger band (standing at 11.8057).

Supports and resistances

11.8870 **

11.8670 *

11.8330 **

11.8190

11.8023 last

11.7560

11.7360 **

11.7160 *

11.6950 **

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