CHF/JPY may fall 103 - 142 pips

Our pivot point stands at 170.13.

Our preference

Target 167.85.

Alternative scenario

Above 170.13, look for 170.77 and 171.16.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (169.92) but above its 50 period moving average (169.10).

Supports and resistances

171.16 **

170.77 *

170.13 **

169.87

169.27 last

168.24

167.85 **

167.47 *

167.09 **

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