CHF/JPY may fall 53 - 78 pips

Our pivot point stands at 179.22.

Our preference

The downside prevails as long as 179.22 is resistance.

Alternative scenario

Above 179.22, look for 179.64 and 179.89.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 178.94 and 178.91). Finally, the CHF/JPY is trading below its lower Bollinger band (standing at 178.72).

Supports and resistances

179.89 **

179.64 *

179.22 **

179.05

178.66 last

178.13

177.88 **

177.63 *

177.38 **

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