CHF/SEK may fall 711 - 971 pips

11.84 is our pivot point.

Our preference

The downside prevails as long as 11.84 is resistance.

Alternative scenario

Above 11.84, look for 11.88 and 11.91.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). 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 11.81 and 11.80). Finally, the CHF/SEK has penetrated its lower Bollinger band (11.77).

Supports and resistances

11.91 **

11.88 *

11.84 **

11.82

11.75 last

11.68

11.65 **

11.62 *

11.60 **

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