Market Snapshots

CHFJPY Wave Analysis 5 October, 2020

CHFJPY Wave Analysis 5 October, 2020

• CHFJPY broke resistance area

• Likely to rise to 116.00

CHFJPY recently broke the resistance area lying between the resistance level 115.00 and the 38.2% Fibonacci correction of the previous sharp downward impulse wave C,.

The breakout of this resistance area accelerated the active medium-term upward impulse sequence (3).

Given the clear uptrend, strong Swiss franc bullishness seen today – CHFJPY is likely to rise further toward the next resistance level 116.00.

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