CHF/JPY may fall 41 - 60 pips

178.35 is our pivot point.

Our preference

The downside prevails as long as 178.35 is resistance.

Alternative scenario

Above 178.35, look for 178.66 and 178.85.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 178.25 and 178.16). Finally, the CHF/JPY is trading below its lower Bollinger band (standing at 178.09).

Supports and resistances

178.85 **

178.66 *

178.35 **

178.22

178.07 last

177.66

177.47 **

177.28 *

177.09 **

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