CHF/JPY may fall 63 - 91 pips

Our pivot point is at 177.22.

Our preference

Target 175.78.

Alternative scenario

Above 177.22, look for 177.68 and 177.95.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (176.77) but above its 50 period moving average (176.58).

Supports and resistances

177.95 **

177.68 *

177.22 **

177.04

176.69 last

176.06

175.78 **

175.51 *

175.24 **

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