Type: Bearish reversal
Key Levels: Resistance: 125.408, pivot: 125.036 and support: 124.14
Preferred Case: CHF/JPY is on a bearish momentum and we see the potential for a dip from our Pivot at 125.036 in line with 50% Fibonacci retracement towards our 1st support at 124.14 in line with 100% Fibonacci retracement and 61.8% Fibonacci extension. Prices are trading below our Ichimoku clouds further supporting our bearish bias.
Alternative Scenario: Alternatively, prices may climb towards our 1st resistance at 125.408 in line with 61.8% Fibonacci extension.