CHF/JPY may rise 69 - 104 pips

Our pivot point stands at 174.87.

Our preference

Rebound towards 176.38.

Alternative scenario

The downside breakout of 174.87 would call for 174.29 and 173.94.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (175.32) but under its 50 period moving average (175.48).

Supports and resistances

177.07 **

176.72 *

176.38 **

176.03

175.34 last

175.10

174.87 **

174.29 *

173.94 **

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