CHF/JPY may rise 79 - 117 pips

Our pivot point is at 172.48.

Our preference

Rebound.

Alternative scenario

Below 172.48, expect 171.83 and 171.44.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (173) but below its 50 period moving average (173.09).

Supports and resistances

175.00 **

174.61 *

174.22 **

173.84

173.05 last

172.73

172.48 **

171.83 *

171.44 **

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