CHF/JPY may rise 95 - 141 pips
Our pivot point stands at 166.17.
Our preference
The upside prevails as long as 166.17 is support.
Alternative scenario
Below 166.17, expect 165.40 and 164.94.
Comment
The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 165.73 and 165.03).
Supports and resistances
169.44 **
168.98 *
168.52 **
168.06
167.11 last
166.48
166.17 **
165.40 *
164.94 **
Number of asterisks represents the strength of support and resistance levels.
Our preference
The upside prevails as long as 166.17 is support.
Alternative scenario
Below 166.17, expect 165.40 and 164.94.
Comment
The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 165.73 and 165.03).
Supports and resistances
169.44 **
168.98 *
168.52 **
168.06
167.11 last
166.48
166.17 **
165.40 *
164.94 **
Number of asterisks represents the strength of support and resistance levels.
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