Technical analysis

CHFJPY Wave Analysis 18 November, 2020

CHFJPY Wave Analysis 18 November, 2020

• CHFJPY approaching key support level 113.80

• Likely to fall to 113.25

CHFJPY continues to fall inside the short-term correction (ii), which started earlier from the key resistance level 116.20 (which has been reversing the pair from the start of October) and the upper daily Bollinger Band.

The price is currently approaching the key support level 113.80 (low of the previous ABC correction 2 from the end of October) – which is likely to be broken under the current intense yen bullishness.

CHFJPY is likely to fall further toward the next support level 113.25 (which has been reversing the price from the middle of July).

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