CHF/NOK may rise 538 - 788 pips

Our pivot point stands at 11.8050.

Our preference

The upside prevails as long as 11.8050 is support.

Alternative scenario

The downside breakout of 11.8050 would call for 11.7620 and 11.7360.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.8344 and 11.8370).

Supports and resistances

11.9760 **

11.9500 *

11.9240 **

11.8990

11.8452 last

11.8210

11.8050 **

11.7620 *

11.7360 **

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