Technical analysis
CHFJPY Wave Analysis 1 February, 2021
February 01, 2021 @ 18:57 +03:00
![CHFJPY Wave Analysis 1 February, 2021 CHFJPY Wave Analysis 1 February, 2021](https://fxpro.news/wp-content/uploads/2020/04/swiss-5.jpg)
• CHFJPY reversed from long-term resistance level 117.80
• Likely to fall to support level 116.65
CHFJPY continues to decline after the earlier downward reversal from the long-term resistance level 117.80 (which has been reversing the price form last August).
The downward reversal from the resistance level 117.80 stopped the previous short-term impulse wave (iii) from the middle of January.
Given the clear bearish divergence on the daily Stochastic indicator – CHFJPY can be expected to fall further toward the next support level 116.65.
![](https://fxpro.news/wp-content/uploads/2021/02/chfjpy-primary-analysis-feb-01-1727-pm-1-day-1024x479.png)