CHFJPY Wave Analysis – 12 August, 2020

• CHFJPY broke key resistance level 116.40

• Likely to rise to 118.00

CHFJPY recently broke the key resistance level 116.40 (which previously stopped the upward price move at the start of July and at the end of July).

The breakout of the resistance level 116.40 accelerated the active impulse waves (iii) and iii of the upward impulse sequence 3 from June.

CHFJPY is likely to rise further toward the next resistance level 118.00 (target price for the completion of wave 3 and the top of the daily up channel from last month).