CHF/JPY may fall 78 - 116 pips

Our pivot point is at 173.59.

Our preference

The downside prevails as long as 173.59 is resistance.

Alternative scenario

The upside breakout of 173.59, would call for 174.23 and 174.62.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 173.15 and 173.25).

Supports and resistances

174.62 **

174.23 *

173.59 **

173.33

173.02 last

172.24

171.86 **

171.47 *

171.09 **

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