Type: Bullish bounce
Key Levels: Resistance: 124.777, pivot: 123.916, and support: 123.532
Preferred Case: The CHF/JPY pair is building bullish momentum. We see the potential for a bounce from our pivot at 123.916 in line with 38.2% and 61.8% Fibonacci retracement towards our 1st resistance at 124.777 in line with 161.8% and 200% Fibonacci projections.
The pair is trading above our Ichimoku clouds, further supporting our hypothesis.
Alternative Scenario: Alternatively, prices may dip towards our 1st support at 123.532 in line with 61.8% and 100% Fibonacci retracement levels.