CHF/JPY may rise to 180.63 - 181.93

Our pivot point stands at 175.43.

Our preference

The upside prevails as long as 175.43 is support.

Alternative scenario

The downside breakout of 175.43 would call for 173.24 and 171.94.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 174.22 and 171.89).

Supports and resistances

184.55 **

183.24 *

181.93 **

180.63

177.90 last

176.29

175.43 **

173.24 *

171.94 **

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