CHFJPY Wave Analysis – 2 October, 2019

CHFJPY reversed from resistance area
Likely to fall to 0.6150

CHFJPY recently reversed down from the resistance area lying between the resistance level 109.60 and the resistance trendline of the multi-month down channel from December.

The downward reversal from this resistance area started the active impulse wave (iii) – which belongs to the intermediate impulse wave (3) from the start of March.

CHFJPY is expected to fall further and retest the next support level 107.00 (target price for the completion of the active impulse wave (iii)).

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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