CHF/NOK may fall 482 - 692 pips

Our pivot point is at 11.9660.

Our preference

Target 11.8660.

Alternative scenario

Above 11.9660, look for 12 and 12.0210.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (11.9587) but above its 50 period moving average (11.9273).

Supports and resistances

12.0210 **

12.0000 *

11.9660 **

11.9530

11.9352 last

11.8870

11.8660 **

11.8460 *

11.8260 **

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