Technical analysis

CHFJPY Wave Analysis 19 December 2023

– CHFJPY reversed from support level 162.45

– Likely to rise to resistance level 168.00

CHFJPY currency pair recently reversed up from the key support level 162.45 (which has been reversing the price from August).

The support level 162.45 was strengthened by the lower daily Bollinger Band, support trendline of the daily down channel from November and the 38.2% Fibonacci correction of the upward impulse from June.

Given the prevailing uptrend, CHFJPY can be expected to rise further to the next resistance level 168.00 (former support from November).

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