CHF/NOK may rise 529 - 729 pips

Our pivot point stands at 11.8180.

Our preference

The upside prevails as long as 11.8180 is support.

Alternative scenario

The downside breakout of 11.8180 would call for 11.7840 and 11.7640.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.8424 and 11.8388).

Supports and resistances

11.9600 **

11.9400 *

11.9200 **

11.9000

11.8471 last

11.8310

11.8180 **

11.7840 *

11.7640 **

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