CHF/JPY may fall 85 - 124 pips

Our pivot point stands at 174.35.

Our preference

The downside prevails as long as 174.35 is resistance.

Alternative scenario

Above 174.35, look for 175.01 and 175.41.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 173.87 and 173.87).

Supports and resistances

175.41 **

175.01 *

174.35 **

174.09

173.80 last

172.95

172.56 **

172.16 *

171.77 **

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