CHF/NOK may rise 596 - 856 pips

Our pivot point is at 11.9630.

Our preference

As long as 11.9630 is support look for 12.0830.

Alternative scenario

The downside breakout of 11.9630 would call for 11.9190 and 11.8930.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (11.9984) but above its 50 period moving average (11.9850).

Supports and resistances

12.1350 **

12.1090 *

12.0830 **

12.0570

11.9974 last

11.9800

11.9630 **

11.9190 *

11.8930 **

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