• CHFJPY reversed from support level 117.60
• Likely to rise to resistance level 118.60
CHFJPY today reversed up from the key support level 117.60 (former resistance from the end of March) – intersecting with the 38.2% Fibonacci correction of the previous upward impulse from last month.
The upward reversal from the support level 117.60 will most likely create the daily reversal pattern Bullish Engulfing – if the pair closes today near the current levels.
CHFJPY is likely to rise further toward the next resistance level 118.60 (which stopped the previous waves (i) and (b)).
The single currency is trading near $1.076, waiting for further cues and facing serious resistance…
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