CHF/JPY may rise 39 - 58 pips

Our pivot point stands at 178.50.

Our preference

As long as 178.50 is support look for 179.35.

Alternative scenario

The downside breakout of 178.50 would call for 178.18 and 177.99.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 178.74 and 178.49).

Supports and resistances

179.73 **

179.54 *

179.35 **

179.16

178.77 last

178.63

178.50 **

178.18 *

177.99 **

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