Technical analysis

CHFJPY Wave Analysis 1 December 2023

– CHFJPY reversed from resistance level 170.30

– Likely to fall to support level 167.40

CHFJPY currency pair recently reversed down from the key resistance level 170.30, which stopped the previous impulse wave (3) earlier this month.

The resistance level 170.30 was strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 170.30, bearish divergence on the daily Stochastic, CHFJPY currency pair can be expected to fall further to the next support level 167.40 (previous minor pivot support from the end of November)).

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