Categories: Technical analysis

CHFJPY Wave Analysis 17 December, 2020

• CHFJPY reversed from major resistance level 117.75

• Likely to fall to 116.15

CHFJPY recently reversed down with the daily Japanese candlesticks reversal pattern Bearish Engulfing from the major resistance level 117.75 (former monthly high from August) – standing near the upper daily Bollinger Band.

The upward reversal form the resistance level 117.75 started the active short-term correction (ii).

CHFJPY is expected to fall further toward the next support level 116.15 (top of the previous corrective wave (b) from the start of November).

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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