CHF/JPY may fall 74 - 108 pips

Our pivot point stands at 176.46.

Our preference

Under pressure below 176.46.

Alternative scenario

Above 176.46, look for 177.04 and 177.39.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 176.14 and 176.01).

Supports and resistances

177.39 **

177.04 *

176.46 **

176.23

175.94 last

175.20

174.86 **

174.51 *

174.16 **

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