CHF/JPY may rise 73 - 108 pips

Our pivot point stands at 173.88.

Our preference

As long as 173.88 is support look for 175.44.

Alternative scenario

The downside breakout of 173.88 would call for 173.30 and 172.96.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 174.13 and 173.62). Finally, the CHF/JPY has crossed above its upper Bollinger band (174.34).

Supports and resistances

176.12 **

175.78 *

175.44 **

175.09

174.36 last

174.11

173.88 **

173.30 *

172.96 **

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