CHF/JPY may fall 88 - 127 pips

Our pivot point stands at 176.15.

Our preference

The downside prevails as long as 176.15 is resistance.

Alternative scenario

The upside breakout of 176.15, would call for 176.80 and 177.18.

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 stands below its 20 and 50 period moving average (respectively at 175.89 and 176.09).

Supports and resistances

177.18 **

176.80 *

176.15 **

175.90

175.59 last

174.71

174.32 **

173.94 *

173.55 **

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