Technical analysis

CHFJPY Wave Analysis 4 October 2023

– CHFJPY reversed from support level 160.00

– Likely to rise to resistance level 164.00

CHFJPY currency pair recently reversed up from the key support level 160.00 (which has been reversing the pair from July), lower daily Bollinger Band and 50% Fibonacci correction of the upward impulse from February.

The upward reversal from the support level 160.00 stopped the C-wave of the intermediate ABC correction (4) from the end of August.

Given the clear daily uptrend and the reversal of the yen sentiment, CHFJPY can be expected to rise further toward the next resistance level 164.00 (top of the previous wave ii).

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