CHF/JPY may rise 40 - 59 pips

Our pivot point is at 176.15.

Our preference

Rebound towards 177.05.

Alternative scenario

The downside breakout of 176.15 would call for 175.83 and 175.64.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (176.45) but below its 50 period moving average (176.74).

Supports and resistances

177.44 **

177.24 *

177.05 **

176.86

176.46 last

176.28

176.15 **

175.83 *

175.64 **

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