Categories: Technical analysis

CHFJPY Wave Analysis 5 October, 2020

• CHFJPY broke resistance area

• Likely to rise to 116.00

CHFJPY recently broke the resistance area lying between the resistance level 115.00 and the 38.2% Fibonacci correction of the previous sharp downward impulse wave C,.

The breakout of this resistance area accelerated the active medium-term upward impulse sequence (3).

Given the clear uptrend, strong Swiss franc bullishness seen today – CHFJPY is likely to rise further toward the next resistance level 116.00.

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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The FxPro Tech Analysis Team
Tags: CHFJPY

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