Technical analysis

CHFJPY Wave Analysis 21 September 2023

– CHFJPY broke support level 164.00

– Likely to fall to support level 162.00

CHFJPY continues to fall inside the minor impulse wave i, which previously broke the support level 164.00 (low of the previous wave A) intersecting with the 38.2% Fibonacci correction of the upward impulse from July.

The breakout of the support level 164.00 should accelerate the active impulse wave i, which belongs to the C-wave of the intermediate ABC wave (4) from the end of August.

CHFJPY can be expected to fall further toward the next support level 162.00 (low of the previous correction ii from August).

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