CHF/NOK may fall 528 - 778 pips

11.9400 is our pivot point.

Our preference

The downside prevails as long as 11.9400 is resistance.

Alternative scenario

Above 11.9400, look for 11.9830 and 12.0090.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.9093 and 11.9178). Finally, the CHF/NOK has penetrated its lower Bollinger band (11.8973).

Supports and resistances

12.0090 **

11.9830 *

11.9400 **

11.9230

11.8958 last

11.8430

11.8180 **

11.7920 *

11.7660 **

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