CHF/NOK may fall 595 - 875 pips

Our pivot point is at 11.8910.

Our preference

The downside prevails as long as 11.8910 is resistance.

Alternative scenario

Above 11.8910, look for 11.9370 and 11.9650.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8661 and 11.8662).

Supports and resistances

11.9650 **

11.9370 *

11.8910 **

11.8730

11.8505 last

11.7910

11.7630 **

11.7360 *

11.7080 **

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