CHF/NOK may fall 542 - 812 pips

Our pivot point is at 11.9860.

Our preference

The downside prevails as long as 11.9860 is resistance.

Alternative scenario

The upside breakout of 11.9860, would call for 12.0310 and 12.0580.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (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 11.9530 and 11.9488). Finally, the CHF/NOK has penetrated its lower Bollinger band (11.9160).

Supports and resistances

12.0580 **

12.0310 *

11.9860 **

11.9680

11.8822 last

11.8280

11.8010 **

11.7740 *

11.7470 **

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