CHF/JPY may fall 72 - 108 pips

Our pivot point is at 175.21.

Our preference

The downside prevails as long as 175.21 is resistance.

Alternative scenario

Above 175.21, look for 175.80 and 176.16.

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 is trading under both its 20 and 50 period moving average (respectively at 174.84 and 174.92).

Supports and resistances

176.16 **

175.80 *

175.21 **

174.97

174.62 last

173.90

173.54 **

173.19 *

172.84 **

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