CHFJPY recently reversed down from the combined resistance area lying between the key resistance level 114.225 (which has been reversing the price from the middle of January, as can be seen from the daily CHFJPY chart below) and the upper daily Bollinger Band. Given the strongly bearish Swiss franc sentiment seen today, coupled with the overbought reading on the daily Stochastic indicator – CHFJPY is likely to extend the losses toward the next support level 113.50.