CHF/JPY may fall 59 - 81 pips

Our pivot point is at 179.39.

Our preference

The downside prevails as long as 179.39 is resistance.

Alternative scenario

The upside breakout of 179.39, would call for 179.77 and 179.99.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 179.12 and 179.20).

Supports and resistances

179.99 **

179.77 *

179.39 **

179.24

179.02 last

178.43

178.21 **

177.98 *

177.76 **

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