CHF/NOK may fall 567 - 827 pips

Our pivot point is at 11.8670.

Our preference

The downside prevails as long as 11.8670 is resistance.

Alternative scenario

Above 11.8670, look for 11.9120 and 11.9380.

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 11.8299 and 11.8263).

Supports and resistances

11.9380 **

11.9120 *

11.8670 **

11.8490

11.8207 last

11.7640

11.7380 **

11.7110 *

11.6840 **

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