Categories: 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).

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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Tags: CHFJPY

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