Magazine

Chf/jpy

Posted on the 23 October 2019 by Merks50

CHF/JPY intraday: the RSI is oversold
Our pivot point stands at 109.66.
Comment:
the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 109.57 and 109.76).
Alternative scenario:
above 109.66, look for 109.98 and 110.16.
Our preference:
the downside prevails as long as 109.66 is resistance.