CHF/JPY may fall 80 - 119 pips

174.06 is our pivot point.

Our preference

Target 172.25.

Alternative scenario

Above 174.06, look for 174.72 and 175.11.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (173.51) but above its 50 period moving average (173.41).

Supports and resistances

175.11 **

174.72 *

174.06 **

173.80

173.44 last

172.64

172.25 **

171.86 *

171.46 **

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