CHF/JPY may fall 74 - 109 pips

Our pivot point stands at 175.46.

Our preference

Under pressure below 175.46.

Alternative scenario

The upside breakout of 175.46, would call for 176.05 and 176.41.

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 stands below its 20 and 50 period moving average (respectively at 174.98 and 174.89).

Supports and resistances

176.41 **

176.05 *

175.46 **

175.22

174.87 last

174.13

173.78 **

173.42 *

173.07 **

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