CHF/JPY intraday: the downside prevails as long as 109.76 is resistance
109.76 is our pivot point.
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 negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 109.68 and 109.74).
Alternative scenario:
the upside breakout of 109.76, would call for 110.07 and 110.26.
Our preference:
the downside prevails as long as 109.76 is resistance.
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