CHF/JPY ST: target 167.11

176.85 is our pivot point.

Our preference: target 167.11.

Alternative scenario: the upside breakout of 176.85, would call for 180.44 and 182.57.

Comment: the RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (174.34) but above its 50 period moving average (172.92).

Supports and resistances:

182.57 **

180.44 *

176.85 **

175.45

173.70 last

169.23

167.11 **