CHF/JPY may rise 80 - 119 pips

Our pivot point stands at 172.29.

Our preference

Rebound towards 174.04.

Alternative scenario

The downside breakout of 172.29 would call for 171.63 and 171.24.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 172.86 and 172.90).

Supports and resistances

174.83 **

174.44 *

174.04 **

173.65

172.85 last

172.55

172.29 **

171.63 *

171.24 **

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