Categories: Technical analysis

CHFJPY Wave Analysis 1 February, 2021

• 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.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: CHFJPY

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