CHF/JPY may rise to 182.03 - 183.58

Our pivot point is at 176.60.

Our preference

The upside prevails as long as 176.60 is support.

Alternative scenario

The downside breakout of 176.60 would call for 173.99 and 172.44.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 176.55 and 172.84).

Supports and resistances

186.69 **

185.14 *

183.58 **

182.03

178.71 last

177.62

176.60 **

173.99 *

172.44 **

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