CHF/JPY may rise 71 - 106 pips

173.01 is our pivot point.

Our preference

As long as 173.01 is support look for 174.71.

Alternative scenario

Below 173.01, expect 172.44 and 172.10.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 173.50 and 173.32).

Supports and resistances

175.39 **

175.05 *

174.71 **

174.36

173.65 last

173.24

173.01 **

172.44 *

172.10 **

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