Technical analysis

CHFJPY Wave Analysis 5 September 2023

– CHFJPY reversed from support level 164.30

– Likely to rise to resistance level 166.70

CHFJPY currency pair recently reversed up from the pivotal support level 164.30 (which has been reversing the price from the middle of August), coinciding with the 38.2% Fibonacci correction of the upward impulse from July.

The upward reversal from the support level 164.30 started the active short-term impulse wave 3, which belongs to the higher order impulse wave (5) from July.

Given the clear daily uptrend, CHFJPY can be expected to rise further toward the next resistance level 166.70 (top of the previous impulse wave 1).

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