• CHFJPY reversed from long-term resistance level 117.80
• Likely to reach support level 116.65
CHFJPY currency pair recently reversed down from the long-term resistance level 117.80 (which has been steadily reversing the price from last August as can be seen below).
The downward reversal from the resistance level 117.80 stopped the previous minor impulse wave (iii) which belongs to the impulse waves 3 and (3) from December and September.
Given the continued bearish divergence on the daily stochastic – CHFJPY can be expected to fall further toward the next support level 116.65 (low of the previous correction (ii)).
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