CHF/JPY may fall 81 - 116 pips

Our pivot point stands at 171.48.

Our preference

The downside prevails as long as 171.48 is resistance.

Alternative scenario

The upside breakout of 171.48, would call for 172.06 and 172.41.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 171.12 and 171.27).

Supports and resistances

172.41 **

172.06 *

171.48 **

171.25

170.99 last

170.18

169.83 **

169.48 *

169.13 **

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