CHF/JPY may rise 70 - 104 pips

Our pivot point is at 174.56.

Our preference

The upside prevails as long as 174.56 is support.

Alternative scenario

Below 174.56, expect 173.98 and 173.64.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 174.70 and 174.51).

Supports and resistances

176.80 **

176.46 *

176.11 **

175.77

175.07 last

174.79

174.56 **

173.98 *

173.64 **

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