CHF/JPY may fall to 162.07 - 164.53

Our pivot point stands at 174.24.

Our preference

The downside prevails as long as 174.24 is resistance.

Alternative scenario

The upside breakout of 174.24, would call for 178.42 and 180.90.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 172.49 and 174.78).

Supports and resistances

180.90 **

178.42 *

174.24 **

172.60

170.28 last

164.53

162.07 **

159.60 *

157.14 **

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