CHF/JPY may rise 55 - 82 pips

Our pivot point stands at 175.03.

Our preference

The upside prevails as long as 175.03 is support.

Alternative scenario

Below 175.03, expect 174.57 and 174.30.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 175.13 and 175.10).

Supports and resistances

176.76 **

176.48 *

176.21 **

175.94

175.39 last

175.21

175.03 **

174.57 *

174.30 **

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