CHFJPY Wave Analysis – 19 August, 2020

• CHFJPY reversed from key resistance level 117.65

• Likely to fall to 115.60

CHFJPY recently reversed down from the key resistance level 117.65 (which stopped the sharp upward weekly correction (B) in the middle of 2018).

The resistance area near the resistance level 117.65 was strengthened by the upper weekly Bollinger Band.

Given the strongly overbought weekly Stochastic – CHFJPY is likely to fall further toward the next support level 115.60.