CHF/JPY may fall 57 - 84 pips

Our pivot point is at 166.73.

Our preference

Target 165.52.

Alternative scenario

Above 166.73, look for 167.18 and 167.46.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (166.47) but above its 50 period moving average (166.13).

Supports and resistances

167.46 **

167.18 *

166.73 **

166.55

166.36 last

165.79

165.52 **

165.25 *

164.98 **

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