CHF/JPY may fall 48 - 66 pips

Our pivot point is at 178.28.

Our preference

The downside prevails as long as 178.28 is resistance.

Alternative scenario

Above 178.28, look for 178.60 and 178.79.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 178.73 and 178.63). Finally, the CHF/JPY is trading below its lower Bollinger band (standing at 178.12).

Supports and resistances

178.79 **

178.60 *

178.28 **

178.16

177.89 last

177.41

177.23 **

177.04 *

176.85 **

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