CHF/JPY may rise 82 - 121 pips

Our pivot point stands at 172.81.

Our preference

Look for a drop towards 172.81 before a bounce.

Alternative scenario

Below 172.81, expect 172.15 and 171.76.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the pair is trading under its 20 period moving average (173.40) but above its 50 period moving average (173.33).

Supports and resistances

175.37 **

174.98 *

174.59 **

174.20

173.38 last

173.07

172.81 **

172.15 *

171.76 **

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