CHFJPY Wave Analysis 19 October 2023

– CHFJPY under bullish pressure

– Likely to test resistance level 170.00

CHFJPY currency pair under the bullish pressure after the pair broke above the key resistance level 166.10 (which reversed the pair 3 times in August as can be seen below).

The breakout of the resistance level 166.10 accelerated the active intermediate impulse wave (5) from the start of October.

Given the clear daily uptrend and the accelerating upward momentum, CHFJPY can be expected to rise further toward the next resistance level 170.00 (target for the completion of the active impulse wave (5)).