CHF/NOK may fall to 11.2040 - 11.3930

Our pivot point is at 12.0700.

Our preference

Under pressure below 12.0700.

Alternative scenario

The upside breakout of 12.0700, would call for 12.3890 and 12.5790.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8409 and 11.8820).

Supports and resistances

12.5790 **

12.3890 *

12.0700 **

11.9450

11.7923 last

11.3930

11.2040 **

11.0150 *

10.8260 **

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