CHF/JPY may fall 44 - 63 pips

Our pivot point stands at 178.69.

Our preference

Target 177.77.

Alternative scenario

The upside breakout of 178.69, would call for 179.01 and 179.20.

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 pair is trading under its 20 period moving average (178.46) but above its 50 period moving average (178.40).

Supports and resistances

179.20 **

179.01 *

178.69 **

178.57

178.40 last

177.96

177.77 **

177.58 *

177.39 **

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