CHF/JPY may rise 45 - 68 pips

Our pivot point stands at 179.57.

Our preference

The upside prevails as long as 179.57 is support.

Alternative scenario

The downside breakout of 179.57 would call for 179.19 and 178.96.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 179.47 and 179.32).

Supports and resistances

181.01 **

180.78 *

180.56 **

180.33

179.88 last

179.72

179.57 **

179.19 *

178.96 **

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