CHF/JPY may fall 82 - 118 pips

Our pivot point stands at 173.13.

Our preference

The downside prevails as long as 173.13 is resistance.

Alternative scenario

Above 173.13, look for 173.73 and 174.09.

Comment

The RSI is below its neutrality area at 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 172.81 and 173.01).

Supports and resistances

174.09 **

173.73 *

173.13 **

172.89

172.65 last

171.83

171.47 **

171.11 *

170.75 **

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